Federal Reserve Report – From Mail to Mobile A New Generation in Payments
Payments trends are changing in lockstep with emerging technologies and may be influenced by the generation in which a consumer was born.
“From Mail to Mobile – A New Generation in Payments” examines data from the Federal Reserve 2012 Diary of Consumer Payment Choice, which tracked 2,467 participants who made 12,647 actual consumer payments totaling $453,655 over a rolling three-day period in October of 2012. The analysis focuses on the generations — aged 18 through 94 — and how they made payments, including the median dollar value of payments, the frequency of the payment instrument used, the device used to pay (including mobile, computer or mail order) and the top five merchant categories where the majority of transactions were made.
The study was a collaborative project between the Richmond, Boston and San Francisco Reserve Banks and the Rand Corporation.