Research Paper On Online Payment

Individuals aged 25 to 44 used cash for approximately 10 transactions per month, which equated to about 25 percent of payments for this age group.

Finally, the average daily value of cash held by consumers continued to increase in 2017 at $59 per person compared to $57 in 2016 and $51 in 2015, although these findings were not statistically significant.

For purchases of $100 or more, consumers greatly increase their use of checks and electronic payments, which account for half of their payments at this price point.

Figure 3 shows that for payments between $10 and $24.99 debit cards were used slightly more frequently than cash.

For the one quarter of payments that took place not-in-person — payments for which the use of cash is not an option — 75 percent were bill payments.

The data shows that, on average, 90 percent of non-bill payments continue to be made in-person.

As a result, it has a high share of the total of payments (Figure 2).

In contrast, electronic payments, such as recurring auto-drafts for mortgage and car payments and one-time bank account drafts initiated on a merchant’s or biller’s website, represent fewer total payments but make up a significantly larger proportion of total payment value.

The shift in payment shares does not appear to be the result of substitution away from cash towards debit and credit.

If individuals were using debit and credit in place of cash, then decreasing cash usage should be accompanied by an increase in either debit or credit (Figure 4).


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