Concerns of virus transmission during the pandemic and a general shift in consumer spending habits online have led to a significant increase in how shoppers spend their money, and specifically the use of contactless debit transactions. Retailers worldwide have seen a pivot to contactless credit...
The pandemic not only forced the closure of restaurants in March 2020 but also effectively shut down the use of cash. Eight percent of U.S. businesses went cashless at the pandemic’s onset amid initial concerns about its potential to spread the virus, and that number...
For restaurants, innovating the debit payment experience is not just an opportunity, it’s becoming a necessity. In the Next-Gen Debit Payments Tracker, Nicole West, vice president of Digital Strategy and Product at Chipotle Mexican Grill, said rising debit use and digital ordering have taken a...
The nation’s love affair with credit cards appears to be fading as the share of debit card use rises. One study found that debit-backed transactions eclipsed credit spending for the first time last year. Debit cards are especially popular among younger consumers, many of whom...
The pandemic fueled an unprecedented increase in debit spending in 2020, according to a study. Closures, stay-at-home mandates and reduced store hours led consumers to shop less frequently. Still, they made larger purchases when they did — and because of economic uncertainty, debit was the...
Consumers are expanding their use of peer-to-peer (P2P) payment apps, and merchants are taking notice. In the Next-Gen Debit Tracker, Bank of the West's Hisham Salama discusses why supporting debit-enabled P2P payments is key for merchants wishing to build lasting customer loyalty by simply meeting...
Consumers are carrying the payment habits they developed in 2020 into how they shop in 2021, with the adoption of contactless and mobile payment tools continuing to rise. Many individuals are still leaning on familiar payment tools to make these touchless transactions, with the 2021...
Debit cards deliver the convenience, security and control consumer value, and adding rewards into the mix can elevate them further. In the Next-Gen Debit Tracker, Truist’s Carl Thibodeau explains how offering debit card incentives like cash back, rewards and other perks can encourage consumer engagement...
Debit cards have proven to be the most popular payment method among United States consumers, especially within the last year as they sought to improve visibility into their finances. As financial institutions (FIs) seek to maintain those debit cardholders and gain an edge in attracting...
