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TSYS Releases 2012 Research Results On Consumer Payment Preferences

Stocks in this article: TSS

TSYS ® (NYSE: TSS) today announced it has made available to the industry the results of its second annual nationwide primary consumer research study, which can be accessed at www.tsys.com/debit. TSYS will also offer a complimentary webinar to discuss the results on Tuesday, November 13, at 2:00 p.m. ET. Interested participants may register for the webinar at the same website address.

The 2012 Consumer Debit-Payment Choice Research Study was designed in conjunction with Mercator Advisory Group, a leading payments research and consulting firm, which fielded an online survey and conducted in-person focus groups to gauge consumer payment preferences. The goal of the study was to provide a snapshot of current consumer behavior and attitudes toward debit, credit and emerging payment forms, as well as to gather both quantitative and qualitative information. The results of this study provide trending information as well as a deeper understanding of factors that influence consumer choice at the point of payment.

“TSYS remains committed to providing financial institutions and other payment industry participants with insights into evolving trends,” said Sarah Hartman, senior director, TSYS. “Our research re-confirms the enduring strength of debit but also reveals that consumers can be incented to change how they pay and are also increasingly aware of and interested in emerging payment alternatives.”

More than 1,000 consumers who owned a debit card were surveyed on payment choice, perceptions of value, and what might influence them to change how they pay. Key findings include:

  • Debit cards continue to be the preferred payment type for everyday purchases, driven in part by the desire of many to manage their money on a near-daily basis.
  • Merchant discounts and offers are the most effective way to influence consumers to use a payment type more often.
  • Awareness of alternative payment accounts and methods is high, and consumers’ overall understanding of and interest in mobile payments has advanced considerably since last year.
  • Consumers continue to be focused on the security, ease of use, control and speed at check-out, and incorporating these features into new or expanded offerings will result in greater consumer adoption.

“Our survey results, coupled with anecdotal feedback from focus group participants, should prove valuable to issuers and others who are evaluating the current and future direction of their consumer payments offerings,” said Patricia Hewitt, director, Debit Advisory Service, Mercator Advisory Group. “Consumer payment behavior is rapidly evolving, and knowledge gained from this year’s study illustrates the benefits of working with a leading payments provider such as TSYS, which is making investments in thought leadership to help drive next-generation product strategies.”

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