The Federal Reserve Bank of Boston has issued a report on consumer usage of electronic payment methods.
According to the study:
* Consumers use a payment card to pay for 52.9% of monthly bills. Payment cards include debit, credit and prepaid.
* Consumer adoption of debit and credit cards, for example, stands at 80.2% and 78.3%, respectively * Prepaid cards are used by 17.2% of consumers. Prepaid card users reload the card 31 times per year.
* Biller websites are used more often to pay bills than is bill pay through banking sites.
* Consumers are adopting contactless payments with 21.7% using contactless debit cards and 25% using contactless credit cards.
* Mobile phone are being used by 8.2% of consumers to access bank accounts. * Consumers are most concerned with security when chosing a payment option. This is followed by ease of use and control over payment timing.
* Cash, paper checks, and money orders are still popular payment forms, accounting for 36.5% of consumers’ payments each month.
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