How People Pay

One out of two in-store purchases is made with electronic payment methods such as debit and credit cards, according to a new survey. Results of the 2001 Consumer Payment Preferences Study, conducted by the American Bankers Association and Dove Consulting, show that electronic payments' share of wallet grew from 43% to 49% in the past three years. Respondents' use of cash and checks shrank from 57% in 1999 to 51% in 2001. Electronic methods are expected to account for a majority of payments in the future. At present, cash is still the most popular way to pay at registers, but its share of wallet decreased from 39% in 1999 to 33% in 2001. Debit card usage grew from 21% in 1999 to 26% in 2001, with PIN debits leading the way with a 4% increase over three years. Check and credit card usage saw minimal change. Additional findings include: 24% of respondents expect to increase
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