Using credit cards (aka spending the bank’s money instead of your own) seemed so cool — until it suddenly wasn’t nearly as cool anymore. That change in consumer behavior had a lot to do with the market crash of 2008 and differing ideas about financial...
The COVID-19 pandemic has changed how consumers buy goods, and some of these new payment behaviors could continue well after the crisis ends. Consumers’ concerns about visiting stores and touching POS terminals have generated interest in touchless methods, as have merchants’ worries about risking potential...
The shuttering and reopening of states' economies are causing seismic shifts in consumer behaviors. Tried and tested ways of catching fraudsters, such as comparing consumers' activities against their 90-day transaction histories, are now resulting in false positives, says Carlos Mejia, chief digital executive at Pacific...
Consumers who are seeking to avoid exposing themselves or others to COVID-19 are turning to eCommerce where possible and are demanding touch-free ways to pay when they have to visit stores in-person. A June report found that 27 percent of U.S. debit payments were contactless...
In disasters of the recent past there has been a marked shift away from credit toward debit. Households and even small and medium-sized businesses (SMBs) tend to conserve during troubled times, economic or otherwise. This time, the charm of options — debit or credit —...
The COVID-19 pandemic and safety measures taken to slow the virus’s spread have overturned consumers’ daily lives, including what they are buying and which payment methods they are using to transact. Households stocked up on necessary items to reduce how often they had to leave...
Consumers’ financial priorities are shifting, and staying relevant means helping customers stay financially afloat and gird against the next crisis, says Tim Hong, chief product officer at digital banking and investment services platform MoneyLion. In the latest Next-Gen Debit Tracker, Hong explains how reduced fees,...
The COVID-19 pandemic has prompted consumers and merchants to reconsider the mechanism that they use for handling in-person transactions, with many concerned that the virus could linger on point-of-sale (POS) terminal buttons as well as on dollar bills. Cashiers and customers do not want checkout...
Among the fascinating findings in PYMNTS’ ongoing surveys of Main Street SMBs during the pandemic is this: A majority of small businesses that did not apply for government bailouts simply wished to avoid debt. No matter what. Not even COVID-19 could tempt them. It’s a...
