美联储-使用家用扫描仪数据了解支付卡的偏好（英）

Finance and Economics Discussion SeriesFederal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online)Understanding Preferences for Payment Cards using HouseholdScanner DataMarc Rysman, Shuang Wang, Krzysztof Wozniak2025-096Please cite this paper as:Rysman, Marc, Shuang Wang, and Krzysztof Wozniak (2025).“Understanding Prefer-ences for Payment Cards using Household Scanner Data,” Finance and Economics Dis-cussion Series 2025-096. Washington: Board of Governors of the Federal Reserve System,https://doi.org/10.17016/FEDS.2025.096.NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment. The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other thanacknowledgement) should be cleared with the author(s) to protect the tentative character of these papers.Understanding Preferences for Payment Cards usingHousehold Scanner Data ∗Marc RysmanBoston UniversityShuang Wang†Charles River AssociatesKrzysztof WozniakFederal Reserve BoardSeptember 15, 2025AbstractWe use consumer panel scanner data to examine households’ payment choices, a new ap-plication of such data. In particular, we study the long-term shift towards payment cards, aswell as the role of transaction size in determining choices. We find that idiosyncratic householdpreferences are a key driver of payment choice. Our estimates suggest that transaction size,while important, may have a smaller effect on payment choice than previously thought, andthat the effect varies substantially across households. Our results further suggest that idiosyn-cratic household preferences evolve slowly over time, explaining only a third of the increase incard use over the seven-year period in our data. Taken together, our findings have potentialpolicy implications not just for the adoption of new methods such as instant payments, but alsoaround potential costs to households from sun-setting older payment methods such as checks.1IntroductionOver the past several decades, the US payments system has shifted from paper payment instru-ments, namely cash and check, to digital instruments, such as debit cards and credit cards. Thisshift is important because digital payments are typically regarded as superior in many dimensions:they are faster and cheaper to process, easier for customers to keep track of, and in many ways offersuperior protection from crime and fraud. Despite this change, however, cash and check continue to∗Researchers own analyses calculated (or derived) based in part on data from Nielsen Consumer LLC and mar-keting databases provided through the NielsenIQ Datasets at the Kilts Center for Marketing Data Center at TheUniversity of Chicago Booth School of Business. The conclusions drawn from the NielsenIQ data