Posted by NationalACH on Jan 22, 2010

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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