Payments News

On The Web

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Industry

More Than One-Quarter of Surveyed BNPL Users Have Missed at Least One Payment

“As the popularity of buy now, pay later services accelerates, potential problems do, too. Evidence of that has emerged in new research that finds 14% of BNPL users missed a payment once, and 12% missed a payment more than once, according to a new report from Piplsay, a consumer-research firm. Most consumers—74%—were able to make […]
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Industry

US consumers still spending despite Delta risk, banks say

“US consumer spending is still outpacing pre-pandemic levels in a sign that shoppers are shrugging off concerns around the Delta variant to continue fuelling the economic recovery, according to bank executives. At JPMorgan Chase, the largest US bank, debit and credit card spending is still tracking 18 to 19 per cent higher than 2019 levels, […]
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Industry

As ‘Buy Now, Pay Later’ Surges, a Third of U.S. Users Fall Behind on Payments

“A third of U.S. consumers who used “buy now, pay later” services have fallen behind on one or more payments, and 72% of those said their credit score declined, a new study published by personal finance company Credit Karma showed. The study, conducted by software firm Qualtrics, surveyed 1,044 adult consumers in the United States […]
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Industry

Apple Pay Used for More Than 90% of US Mobile Wallet Debit Transactions in 2020

“The number of debit transactions completed using a mobile wallet in the US rose by 51% year-on-year to approximately 2bn in 2020, with “a noteworthy” 92% of those transactions being made with Apple Pay and just 5% with Google Pay and 3% with Samsung Pay, according to research published in the 2021 Debit Issuer Study […]
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Industry

Digital Payments Soared During the Pandemic and Are Here to Stay

“The pandemic brought about a massive shift to digital payments — one that is unlikely to wane even when an increasing number of people feel comfortable doing more of their shopping in person.  The move to more robust digital payment methods was certainly happening well before the pandemic. But as stores shut down and consumers […]

On The Wires

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Industry

Discover Global Network Study Finds Nearly Half of Global Consumers Are More Comfortable Making Digital Payments As a Result of COVID-19

“A new research paper by 451 Research, a part of S&P Global Market Intelligence, and commissioned by Discover® Global Network found digital payment services and financial technology partnerships are reshaping the way in which consumers around the world send, spend and store their money. The findings come as the payments industry converges on Las Vegas for […]
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Industry

Mastercard Economics Institute: U.K., U.S. and Australia Lead in New Small Business Formation, Which Grew 32% Year-over-year Globally

“To shed light on the impact the global health crisis – and ongoing recovery – has had on small businesses globally, Mastercard today released Recovery Insights: Small Business Reset . Looking at 19 markets around the world, the report reveals that sales at small- and medium-sized businesses (SMBs) lagged larger companies by up to 20 percentage […]
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Industry

Good Tidings for Retailers: Mastercard SpendingPulse Anticipates U.S. Holiday Retail Sales to Grow 7.4%* in 2021

“Consumers and brands alike are gearing up for what’s anticipated to be the most wonderful holiday retail season on record. According to Mastercard SpendingPulse ™, which measures overall retail sales across all payment types including cash and check, U.S. retail sales are anticipated to grow 7.4% excluding automotive and gas. Consumers are expected to spend […]
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Industry

Visa U.S. Spending Momentum Index Falls in August

“Visa (NYSE: V) today announced that the U.S. Spending Momentum Index (SMI) was 109.6 in August (seasonally adjusted), down 2.9 points from July. With the SMI reading still above 100, this signals that more consumers are still spending more than they did a year ago. By category, the SMI for discretionary purchases fell 2.0 points […]