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Changes in the Use of Electronic Means of Payment

Loretta J. Mester

Federal Reserve Bank of Cleveland and the Wharton School, University of Pennsylvania

Q3 2003

Business Review – In “The Changing Nature of the Payments System: Should New Players Mean New Rules?” (Business Review, Federal Reserve Bank of Philadelphia, March/April 2000), I presented some data from the 1995 Federal Reserve Survey of Consumer Finances on the use of electronic banking.

I updated these data in the Business Review, Third Quarter 2001, using the 1998 Federal Reserve Survey of Consumer Finances. This survey of more than 4,000 households, which is designed to be representative of all households in the U.S., is redone every three years. The following exhibits update the statistics indicating how the use of various means of electronic payment have changed between 1995, 1998, and 2001.

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