TSYS (NYSE: TSS) today announced it has made available to the industry the results of its 2013 Consumer Payment Choice Study, which consists of an online survey and in-person focus groups — both of which were conducted to gauge current and potential future consumer payment preferences. The nationwide primary consumer research study utilizes both quantitative and qualitative data to highlight how consumers are making payments today and how that may change in the future. The results are meant to provide helpful information for use in developing and confirming payment strategies and initiatives. “TSYS remains committed to providing our clients and other payments industry participants with insights into current and evolving payment trends,” said Sarah Hartman, senior director, TSYS. “Our research once again confirms the enduring strength of traditional debit and credit products, while also revealing that consumers are increasingly aware of and interested in emerging payment options.” More than 1,000 consumers who have and use both a debit card and a credit card were surveyed on payment choice, what they value most, what might influence them to change how they pay, and their opinions on select new payment offerings. Key findings include:
- 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.