Consumer Spending Preferences Evolve
Consumers are trending toward contactless transactions, peer-to-peer payments and mobile wallets. Many are pairing debit cards with emerging payment methods to monitor their money better and avoid credit card debt, PYMNTS.com recently reported.
Millennial and Gen Z consumers especially are drawn to frictionless debit-based mobile experiences. They’re less willing to defer payments but need the means to monitor cash on hand. These same consumers are less familiar with payment products and how to use them best. Debit issuers, merchants and FIs can strengthen relationships with these demographics by helping them navigate the space and learn financial wellness skills.