Examining changing trends in the payment industry from consumer credit to regulation and technology, Merchant Warehouse released its second 2014 State of Payments quarterly update.
According to the report, the Consumer Credit Index revealed that revolving credit fell by $2.5 billion to $885.8 billion in the first quarter. February had the greatest decrease, with the consumer spending increasing by 1.6 percent, the report found.
An analysis of mobile usage by businesses and consumers for retail purposes found that only 16 percent of mobile users bought product in stores with their phones, while 78 percent respondents were interested in using smartphones while shopping, according to a Merchant Warehouse press release.
The report highlighted the importance of local searches and the real world impact of an online presence by finding that 80 percent of mobile searches turned into purchases. The report also found that 73 percent of the searches took place in a physical store and 16 percent on phone, and 11 percent were being made online.
An analysis of recent news about IRS guidelines on property taxes on bitcoins and impact of EMV rollout on ecommerce business has also been included in the report, according to the release.
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