TSYS Releases 2013 Consumer Payment Choice Study

October 15, 2013         By: Kevin Xu

 

TSYS, a Columbus, Georgia based payment processor released its 2013 Consumer Payment Choice Study. Its focus was to measure the current and future payment preferences of US consumers.

In this survey, over 1,000 consumers were asked which payment method they valued the most, the factors which may change their payment habits, and their opinions on new payment methods.

– Although the economics of debit may once again shift, debit cards continue to be the preferred payment type for everyday purchases, with credit being a close second.

– Payment preferences vary by type of merchant and location, with credit being the preferred payment type for online purchases.

– Rewards and discounts are the most effective way to influence consumers  to use a payment type more often.

– Consumers are actively using their mobile devices for overall financial activity, in particular for alerts and balance information. Mobile payment usage, while still in the early adoption phase, is rapidly evolving.

– Consumers continue to be focused on the security, ease of use, control and speed at check-out associated with their method of payment, and incorporating these features into new or expanded offerings will likely result in greater consumer adoption.

Sarah Hartman, senior director at TSYS says that the results show “the enduring strength of traditional debit and credit products, while also revealing that consumers are increasingly aware of and interested in emerging payment options.”

The full survey can be found here: www.tsys.com/2013ResearchReport/index.cfm