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Consumer Payments

Welcome to the News View for "Consumer Payments".

Here, on these archive pages, you'll find all of the articles on Payments News for Consumer Payments listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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October 15, 2013

TSYS Publishes New Research on Consumer Payment Preferences

Tsys logo 140pxTSYS has announced it has made available to the industry the results of its 2013 Consumer Payment Choice Study conducted to gauge current and potential future consumer payment preferences.

TSYS remains committed to providing our clients and other payments industry participants with insights into current and evolving payment trends,” said Sarah Hartman, senior director, TSYS.

“Our research once again confirms the enduring strength of traditional debit and credit products, while also revealing that consumers are increasingly aware of and interested in emerging payment options.”

Key findings from this year's survey include:

  • Although the economics of debit may once again shift, debit cards continue to be the preferred payment type for everyday purchases, with credit being a close second.
  • Payment preferences vary by type of merchant and location, with credit being the preferred payment type for online purchases.
  • Rewards and discounts are the most effective way to influence consumers to use a payment type more often.
  • Consumers are actively using their mobile devices for overall financial activity, in particular for alerts and balance information.
  • Mobile payment usage, while still in the early adoption phase, is rapidly evolving.
  • Consumers continue to be focused on the security, ease of use, control and speed at check-out associated with their method of payment, and incorporating these features into new or expanded offerings will likely result in greater consumer adoption.

June 15, 2011

Mobile Payments and Consumer Protection

Consumerunion logo 140pxConsumers Union, the nonprofit publisher of Consumer Reports, has released a statement and a report calling on wireless carriers to make sure consumers are protected from fraud and mistakes when making mobile purchases.

In a report on mobile payments issued today, the group highlighted how consumer protections vary widely for different mobile payment methods, how wireless carrier contracts fail to provide needed safeguards, and tips for consumers using mobile payments. Consumers Union has launched a Facebook campaign to encourage wireless carriers to adopt stronger contractual protections for mobile payments linked to wireless accounts.

May 25, 2011

New Boston Fed Paper Analyzes How Consumers Use Payment Instruments

Boston fed logo 140pxThe Federal Reserve Bank of Boston has published a paper entitled, "Adopting, Using, and Discarding Paper and Electronic Payment Instruments: Variation by Age and Race".

This paper uses data from the 2008 Survey of Consumer Payment Choice to discuss the adoption, use, and discarding of various common payment instruments. Using a nationally representative sample of individual-level data, it presents evidence in unparalleled detail about how consumers use different payment instruments. Most interestingly, it displays robust evidence of significant age- and race-related differences in payments choices.

April 07, 2011

The 2009 Survey of Consumer Payment Choice

Boston fed logo 140pxThe Federal Reserve Bank of Boston has announced that a new public policy discussion paper on consumer payment choice is now available.

In 2009, the average U.S. consumer held 5.0 of the nine payment instruments available, including cash, and used 3.8 of them during a typical month. Between the 2008 and 2009 surveys, a period that includes the trough of the latest recession, consumers significantly increased their use of cash and close substitutes for cash, such as money orders and prepaid cards.
By focusing on payments by consumers only, the SCPC complements the recent 2010 Federal Reserve Payment Study, which describes the entire noncash payments economy.

October 21, 2010

New Consumer Payment Preferences Study

survey_graphic_140px.pngHitachi Consulting and BAI have announced the results of a new study on consumer payment preferences in the United States. The results call out the significance of the Millennial Generation (ages 18 to 34) which has the highest debit card ownership ((80%). The study also shows that "88% of consumers said they do not currently use mobile payments for in-store purchases, nor do they plan to use them in the next two years, despite the media hype on mobile payments."

The research was sponsored by First Data Corp., FIS, MasterCard, PULSE, and U.S. Bancorp.

March 29, 2010

Cash Remains Preferred Form of Payment for US Consumer?

So finds a study by Packaged Facts titled "Consumer Payment Trends in the U.S." which reports that "54% of U.S. adults cite cash as their preferred form of payment". Based upon data from Experian Simmons' Spring 2009 adult consumer survey, the report notes that "68% of American adults have a debit card in their wallet and 67% have a credit card; though only 53% of adults may be considered active credit card users with transactions in the last thirty days."

March 01, 2010

Tyfone Updates Launch Plans for SideTap MicroSD Cards

Tyfone has announced that its SideTap micro secure digital (MicroSD) memory card versions will be available via partners in the second half of 2010. According to Tyfone, these MicroSD memory cards with Tyfone’s SideTap contactless payment technology can be used by "hundreds of millions of mobile phones at thousands of existing contactless payment terminals worldwide. These cards will work in phones with MicroSD slot on any side of the phone – top, left, right, bottom or back." READ MORE »

November 17, 2009

MasterCard Selects Cryptomathic for OTA Data Preparation

Cryptomathic has announced that it has been selected by MasterCard Worldwide to manage the data preparation requirements for the deployment of the MasterCard Mobile Over The Air Provisioning Service that enables MasterCard PayPass applications to be provisioned on to mobile phones. READ MORE »

October 30, 2009

New European SEPA DIrect Debit Schemes Launch Nov 2

On November 2, the European Payments Council (EPC) launches the SEPA Core Direct Debit Scheme and the SEPA Business to Business Direct Debit Scheme. The SEPA Direct Debit (SDD) Schemes enable bank customers – for the first time ever - to make and receive direct debits within and across 32 European countries collectively known as the Single Euro Payments Area (SEPA). READ MORE »

October 07, 2009

A Look at Consumers Shifting from Credit Cards to Debit Cards

In an article titled "For Gun-Shy Consumers, Debit Is Replacing Credit", Nancy Trejos writes for the Washington Post about how the recession has cooled consumers on credit cards while they are increasingly using their debit cards to make purchases.

March 19, 2009

MasterCard Announces Issuance of 50 Millionth PayPass Card

MasterCard Worldwide has announced the issuance of the 50 millionth MasterCard PayPass card or device. In the last year, the number of PayPass cards and devices more than doubled. According to MasterCard, "this significant PayPass momentum demonstrates not only the demand for simple solutions when it comes to payments, but also the continued secular shift toward electronic payments as validated by recent data1 that indicates 41 percent of consumers use cash less often today than they did two years ago." READ MORE »

March 04, 2009

KeyBank First to Launch World Debit MasterCard

MasterCard Worldwide has announced the launch of the World Debit MasterCard card, calling it "a premium debit card that provides U.S. consumers with unique rewards and savings opportunities, purchase protection, and security benefits. KeyBank today became the first financial institution to introduce World Debit MasterCard to its customers." The new card includes MasterCard PayPass contactless payment functionality. READ MORE »

January 21, 2009

The Evolution of the Check as a Means of Payment

The Federal Reserve Bank of Atlanta has published a paper by Stephen Quinn and William Roberds titled "The Evolution of the Check as a Means of Payment: A Historical Survey" icon_PDF_small.gif

The authors discuss some persistent historical themes surrounding checks: checks' ease of use, which provides advantages over other payment methods but creates risk to businesses and banks; checks' sophistication, which evolved through centuries of legal precedent and operational experimentation; and checks' high costs relative to other forms of payment.

Checks' traditional dominance of the U.S. payment system, the authors conclude, resulted from historical happenstances. These events gave the check relative advantages that are only now being overcome by electronic payment technologies.

October 06, 2008

New US Consumer Payment Preferences Study

BAI and Hitachi Consulting have announced results of a new nationwide consumer payment preferences study that was sponsored by First Data Corporation and its STAR(R) Network, Harland Clarke, MasterCard Worldwide, Metavante and PULSE. READ MORE »

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