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Creditunionserviceorganization (CUSO) PSCU compared the 19 th week of 2020, which concluded on May 10, to the same timeframe in 2019 to discover the impact of the pandemic on consumer spending and shopping trends. The average debitcard purchase amount rose 19.9 percent year over year.
Payments creditunionserviceorganization (CUSO) PSCU reported 11.4 percent year-over-year debit and credit overall same-store sales volume growth among its owner creditunions over the 2020 holiday season, according to a press release emailed to PYMNTS.
As the coronavirus pandemic continues to disrupt personal finances, a study by creditunionserviceorganization (CUSO) PSCU shows that overall creditcard spending is down 29 percent for the week ending April 5, compared to the same period in 2019. Debitcard spending is down 12 percent for the same period.
A new report from payments creditunionserviceorganization PSCU revealed that its owner creditunions saw banner results from the promotional programs offered through PSCU’s Advisors Plus during the two-day shopping event.
Amid the coronavirus pandemic, PSCU compared transactions of its owner creditunion members on a same-store basis between March 2019 and March 2020. Supermarkets/grocery stores experienced the largest rise in spend and transaction volume. The average creditcard grocery transaction is higher by $11.41 percent drop.
These two forces appear to be driving an increase in consumers’ use of touch-free debit payment options. Many shoppers are now loading their debitcard details into mobile wallets and ordering apps, keying the information into online checkouts or waving contactless debitcards at POS terminals.
PYMNTS’ latest Next-Gen Debit Tracker® done in collaboration with PULSE , a Discover company, delves into debit trends like that, exploring options that merchants and their payments tech partners are using to keeping volume up as the economy reopens. eCommerce and Debit: Not Exclusive.
Consumers are also rethinking whether they should be paying for goods with cash, creditcards or debitcards. Consumers must also consider whether it still makes sense to use credit when cash is tight, or if doing so will put them i nto debt that could become harder to pay off as job losses deepen.
A new decade — and for creditunions (CUs), might this be the decade of data as a conduit of trust, a way to cement customer loyalty? The focus is on helping creditunions improve and enhance engagement with their members. In addition, members can turn credit and debitcards on and off.
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