Richmond Fed study shows 'dramatic crossover' in payment methods of US citizens
'Generation Y' leading the shift toward mobile payments
A study by the Federal Reserve Bank of Richmond examining data from the Federal Reserve 2012 Diary of Consumer Payment Choice shows a “significant and dramatic crossover” in the payment choices of US citizens of virtually all ages.
From mail to mobile – a new generation in payment, by Scarlett Schwartz and Ann Ramage, evaluates Fed data that tracked 2,467 participants making 12,647 payments totalling $453,655 over a rolling three-day period in October of 2012.
The analysis focuses on how
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