TSYS Releases Third Annual Research Results on Consumer Payment Preferences
COLUMBUS, Ga.--(BUSINESS WIRE)-- TSYS (NYS: 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.
The results of the study can also be found at www.tsys.com/2013ResearchReport/index.cfm. Copies of the research will also be available in the TSYS booth during the upcoming ATM, Debit, Prepaid Forum 2013, being held October 20-23 in Las Vegas.
At TSYS, (NYS: TSS) , we believe payments should revolve around people — not the other way around. We call this belief "People-Centered PaymentsSM." By putting people at the center of every decision we make, TSYS supports financial institutions, businesses and governments in more than 80 countries. Through NetSpend, a TSYS Company, we empower consumers with the convenience, security, and freedom to be self-banked. TSYS offers issuer services and merchant payment acceptance for credit, debit, prepaid, healthcare and business solutions.
TSYS' headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks, and has been named one of the 2013 World's Most Ethical Companies by Ethisphere magazine. TSYS routinely posts all important information on its website, for more please visit us at www.tsys.com.
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