The Federal Reserve is set to release its 2009 Survey of Consumer Payment Choice (SCPC) next month. Scott Schuh (Boston Fed Economist and Consumer Payments Center Director) gave Institute Fellows a preview during the “How Understanding Consumer Behavior Can Help Indentify and Ignite Innovation” panel:
- Between late 2008 to late 2009, data showed an increase in cash use by consumers.
- The percentage of mobile banking adopters increased from 8.2% in 2008 to 10.2% in 2009.
- While around 86% of consumers used cell phones in 2009, only 3% used the device for mobile payments, 2% for SMS/text payments, and 1.1% for payments via contactless mobile.
- Consumers’ ratings for cash and debit strengthened in 2009.
“I promised Scott would give us a report on what consumers are doing and not necessarily on what we want them to do, and I delivered on that,” joked panel moderator Karen Webster (CEO, Market Platform Dynamics).
Click here for highlights from the 2008 Survey of Consumer Payment Choice (SCPC).
PYMNTS.com Blog Entries from the Innovation Institute
Day 1
- David S. Evans: Why the Time Is Right for Innovation (and Cash Is Not Dead) (9 a.m.)
- No Need to Give a Eulogy for Venture Capital (10 a.m.)
- There’s Two Sides to Every [Payments Platform] Story (11:30 a.m.)
- The Key to Igniting and Launching Mobile Payments Platforms (12:30 p.m.)
- Fed’s Proposal for Interchange Rates to Be Announced Within a Few Weeks (2:30 p.m.)
- What Payments Professionals Can Learn from FarmVille (4 p.m.)
- Driving Network Effects with Platforms (4:30 p.m.)
- What Is The Next Great Payment App That Has Yet To Be Created? (5 p.m.)
Day 2
- Can the U.S. Replicate Japan’s Mobile Payments Success? (8:30 a.m.)
- POS Opportunities around Social Networking (9:30 a.m.)
- POS Innovation in the Cloud (10:30 a.m.)
- American Idol: Payments Innovation Style (Noon)
- Federal Reserve: Cash Usage Increased in 2009 (1:30 p.m.)
- Tips for Catering to Consumers’ Payment Preferences (2:30 p.m.)
- How Walmart Views Consumer Payments Behavior (3 p.m.)
