Question of the Day: How many payment transactions does a consumer make in a typical month?
- How many payment transactions do you make in a typical month?
- What are the various ways that you pay for things? List them from most to least popular.
- How do you keep track of your payment transactions?
- How do you think the way you pay for things might change as you get older?
Behind the numbers (from CBInsights):
Additionally, this rise of these new products comes at a time when consumers are opting for debit cards over credit cards.
US consumers aged 18+ make an average of 70 payments per month, with debit cards accounting for 32% of those purchases, according to a 2017 study by the Boston Fed. Cash is the second most common payment method (27%), while credit cards fall in third place (23%).
In this NGPF Project: Payment Decisions, students make choices about how to pay for certain items while explaining their rationale.