The feet of people standing in line, behind social distancing markers on the floor.

Brief

Consumers Are Shifting Payment Options

13 Jul ’20

This research brief discusses how consumers have changed their use of various payment and banking tools during the pandemic. It also sheds light on the payment resources consumers have available.

Since April 2020, the Consumer Finance Institute (CFI)’s COVID-19 Survey of Consumers has been gauging the economic impact of the pandemic. In addition to examining the pandemic’s impact on income and employment, the surveys also explore how consumers are paying for the products and services they are buying in lockdown. The results show that just as the lockdowns have disrupted consumer spending patterns, they have also shifted the type of payment tools shoppers are using.

View the Full Brief

CFI COVID-19 Survey of Consumers — Wave 2 Updates, Impact by Race/Ethnicity, and Early Use of Economic Impact Payments

Tom Akana

June 2020

To gain insights into the impact of COVID-19 on financial security in the U.S., the Consumer Finance Institute is conducting a series of national surveys of consumers that focus on changes in job status, income levels, and personal financial security.