Tuesday , November 5, 2024

Card Spending Increased 13% in April and other Digital Transactions News briefs from 5/6/22

  • Bank of America Institute reported that credit and debit card spending by BofA credit and debit cardholders increased 13% in April compared to the same month in 2021. Credit card dollar volume rose 22%, while spending on debit cards was up 6%. Combined transactions increased 8%.
  • Some 43% of consumers would use a mobile debit card in preference to a plastic one, up from 25% in 2018, according to Fiserv Inc.’s report, “2022 Expectations & Experiences: Cards, Credit, and Consumer Control.” For the report, the Harris Poll surveyed 3,007 U.S. adults living in a household with a checking account.
  • PayByPhone, a mobile app to find and pay for parking, said its app will be available to drivers in Richmond, Va., by agreement with the city.
  • Nacha said its Payments Innovation Alliance released a guide for financial institutions wanting to implement voice payment capabilities through smart devices.
  • MoneyGram International Inc. reported first quarter sales of $307.6 million, a 0.8% decrease from $310.1 million for the same period a year ago. The money transfer specialist posted a quarterly net income of $5 million, a reversal from a $15.4 million loss a year ago.

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