The Green Sheet Online Edition
September 9, 2012 • 12:09:02
Consumer payment habits
- Typical U.S. consumers have nine payment instruments available to them, keep five of those in their wallets and use 3.8 payment instruments in a typical month, according to the Federal Reserve Bank of Boston.
- Just 59 percent of Americans had checking accounts in 2010, down from 96 percent in 2005, according to a survey by Hitachi Consulting and the Bank Administration Institute.
- Globally, 58 percent of consumer payments are made using cards, according to the World Payments Report 2010.
- The average consumer kept $291 in cash in his or her wallet or pocket in 2009 (Boston Fed).
- In 2010, 80 percent of U.S. consumers under age 35 had debit cards, compared with 64 percent of the over-65 crowd (Hitachi-BAI).
- Overall, 74 percent of U.S. consumers had debit cards in 2010 (Hitachi-BAI).
- A mere 11 percent of consumers had contactless payment devices in 2010 (Hitachi-BAI).
- The average consumer made 64.5 payments during a typical month in 2009 (Boston Fed).
- Americans spent $1.6 trillion with debit cards in 2010, according to the Federal Reserve Board.
- In 2010, 33 percent of consumers used reloadable prepaid debit cards (Hitachi-BAI).
- Spending with reloadable prepaid cards topped $80 billion in 2011 (FRB).
- The total dollars deposited to reloadable prepaid cards is growing at an annual rate of 42 percent, according to Mercator Advisory Group.
- Forty percent of U.S. households use prepaid cards, according to Synergistics Research Corp.
- Eighty-seven percent of U.S. residents had mobile phones in 2011 (FRB).
- More than one in three Americans have made payments using their mobile devices, according to IDC Financial Insights.
- As of year-end 2011, U.S. financial institutions had issued 1 million Visa Inc.-branded, chip-embedded Europay/MasterCard/Visa cards (Visa).
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
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