TSYS Consumer Payment Study: Americans Like High Tech And High Touch When It Comes To Payments

April 18, 2019

April 18, 2019 09:00 AM EDT

COLUMBUS, Ga.--()--The latest TSYS (NYSE: TSS) Consumer Payment Study found that while Americans are increasingly trying the latest payment technologies, they still want old-fashioned customer service when they have a problem.

The eighth annual survey of approximately 1,200 Americans with a credit and debit card found the portion of respondents using a P2P payment service popped from 29% to 44% over the last year.

Additionally, for day-to-day management of accounts, consumers are more comfortable transacting business digitally. Text messages as a preferred method for receiving alerts about potential unauthorized use doubled from 20% to 40% between 2015 and 2018. Even more people — 61% — have an interest in receiving alerts on their mobile phone each time a purchase is made with their card.

At the same time that digital services are taking off, speaking to a real person — on the phone or in person — remains the preferred method of addressing an issue when a problem does occur with a payment card (versus using a chat service or sending an email). Seventy-two percent of those surveyed prefer calling customer service to talk to a representative, up substantially from 63% the year before.

“Americans are demonstrating a strong appetite for digital technologies, especially mobile channels, when it comes to how they bank and make payments,” said John Dale Hester, Senior Vice President of Relationship Management at TSYS. “But that willingness to adopt the latest technology has its limits. When people encounter a problem with a payment card, most still want to interact with a real person.”

Those between the ages of 18 and 24 are more likely than other age groups to seek support at a branch when they have an issue with their payment card (16% say they would visit a branch).

“We believe consumers will continue to gravitate towards new payment technologies, especially if companies provide them with the option to address problems by interacting with real people, if that’s what they want,” said Hester.

TSYS conducts its annual Consumer Payment Study to monitor consumers’ attitudes and behavior around mobile and other fast-changing technologies. Below are other key data points from the study:

1. Awareness of P2P reached 81%, an 8% increase from last year.

2. Sixty-six percent of respondents are interested in using their mobile phones to redeem loyalty/rewards points for immediate discounts on purchases.

3. Among likely mobile wallet users, nearly a third would use a mobile app that automatically decides which card to use based on their payment preferences.

4. Fifty-five percent of consumers with a contactless card claim they have made a purchase using the “tap” feature.

5. Thirty percent of consumers are “extremely concerned” that their account and/or personal data will be stolen in the future.

To view the full report, including findings across categories such as mobile technology, emerging payments, loyalty/rewards and more, visit www.tsys.com/2018uspaymentstudy.

About TSYS

TSYS® (NYSE: TSS) is a leading global payments provider, offering seamless, secure and innovative solutions across the payments spectrum — for issuers, merchants and consumers. We succeed because we put people and their needs at the heart of every decision to help them unlock payment opportunities. It’s an approach we call People-Centered Payments®.

Our headquarters are located in Columbus, Ga., U.S.A., with approximately 13,000 team members and local offices across 13 countries. TSYS generated revenue of $4.9 billion in 2017, while processing more than 27.8 billion transactions. We are a member of The Civic 50 and were named one of the 2018 World's Most Ethical Companies by Ethisphere magazine. TSYS is a member of the S&P 500 and routinely posts all important information on its website. For more, visit tsys.com.


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