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Evolution in Consumer Payments Behavior: How the Durbin Amendment and the Economy Are Driving Payments Change
Javelin Strategy & Research, Dec 2011, Pages: 29
Changes in the regulatory and economic environments have transformed market incentives influencing the use of various payments options and have limited traditional avenues of revenue associated with payments options. Debit card issuers alone stand to lose a combined total of $12.2 billion beginning in 2012 due to recent debit card regulations and, as a result, they are highly motivated to influence consumer payments choice. But consumer expectations surrounding checking accounts, debit cards, and credit cards have also changed as consumers have grown accustomed to free checking and free use of debit cards. This report evaluates the recent changes in the payments market, analyzes consumer expectations of payments products, and provides recommendations on successfully navigating the changing payments environment.
Primary Questions
- How have recent changes in the regulatory and economic environments altered consumer payments preferences?
- Which payments options are most consumers using?
- What expectations do consumers hold in light of recent financial regulations?
- How has the recession influenced payments behavior, and how will the economy continue to drive new forms of payments?
- What are the key effects of payments change for FIs, merchants, and consumers?
- What action steps will help organizations meet consumer expectations while driving desired payments service usage?
Methodology
This report is based on a survey using data collected online by Javelin in October 2011 from a random-sample panel of 3,210 U.S. adult consumers. The survey targeted respondents based on representative proportions of gender, age, and income compared to the overall U.S. online population. According to the U.S. Bureau of the Census, the 2011 U.S. population comprises approximately 312 million people. The overall margin of sampling error is ±1.73 percentage points at the 95% confidence level.
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