Debt markets contract during economic downturns — a point the pandemic is proving beyond the shadow of a doubt as debit usage causes a near-total eclipse of credit in Q2 and after. PYMNTS latest Next-Gen Debit Tracker® done in collaboration with PULSE, A Discover Company,...
Card not present (CNP) debit transactions are growing swiftly during the pandemic as many consumers limit their in-store shopping and leverage services such as curbside grocery pickup, meal delivery apps and online retail to meet their needs while social distancing. Merchants and financial institutions (FIs)...
The $4.19 billion musical instrument industry has a growing fraud problem. As consumers go online to shop, card-not-present (CNP) fraud attempts are rising, with victims being charged for high-price instruments and fraudsters reselling them on black markets, says musical instrument and equipment retailer Sweetwater’s Chief...
The COVID-19 pandemic is shaking up shopping behavior. Consumers who previously paid for purchases by swiping or inserting their cards at in-store point-of-sale (POS) terminals are now turning to contactless cards and online shopping to safely and easily obtain needed goods. Shoppers are also more...
Advances in mobile banking apps have taught financial institutions (FIs) that people desire more control over their money – in their hands, on their phones and with their apps. But that convenience is secondary to the other thing FIs are learning about debit: People today...
Many Americans were in precarious financial situations before the COVID-19 pandemic hit. Forty percent of respondents told the Federal Reserve in 2018 that they would either be completely unable to afford a surprise $400 expense or would have to sell something to do so. The...
Emergency aid won’t ease Americans’ financial woes if the most vulnerable can’t easily access it. In this month’s Next-Gen Debit Tracker, Rose Jones, director of Rhode Island’s Office of Healthy Aging, and Kathleen Cloutier, executive director of the nonprofit Dorcas International, discuss how disbursing relief...
The pandemic has changed how consumers purchase goods, with many avoiding brick-and-mortar stores due to the continued threat of catching the virus in public spaces. Shoppers are instead redirecting their purchasing energies toward the digital realm, with recent PYMNTS research finding that 29.2 percent of...
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...
