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PYMNTS’ 2020 CreditUnion Innovation Index , conducted in partnership with PSCU , found that many CU members are interested in adopting new payment methods, even with little knowledge of them. This change in consumer behavior is expected to remain even after vaccines are more widely distributed.
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. The COVID-19 pandemic is shaking up shopping behavior. Around The Next-Gen Debit World.
That increased consumer adoption of digital payments will come as merchants continue to turn on their near-field communication (NFC) functionality and point of sale (POS) machines, which can accept those payments.
In an interview with Karen Webster, Chuck Fagan, president and CEO of PSCU , a creditunionserviceorganization (CUSO), said that the impact to consumer spending will be prolonged, but the recovery will be swift and sharp — depending on where you look. Overall credit card spend was down 29.9 The Shift In Payments.
Consumers are also rethinking whether they should be paying for goods with cash, credit cards or debit cards. Concerns about the virus lingering on paper bills or point-of-sale (POS) terminals have made some consumers and merchants favor digital purchasing.
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