PSCU Payments Index April 2023: A Deep Dive on Digital Payments

Summary: Welcome to the two-year anniversary of the PSCU Payments Index! We hope the evolution of these ongoing monthly insights continue to help our financial institutions navigate the evolving financial landscape to make informed, strategic decisions for their organizations and members. Throughout the month of March, slowing economic growth was prevalent in multiple key indicators, including consumer purchasing behavior. March 2023 data revealed softening consumer spending and lower average purchases for both credit and debit cards. The year-over-year growth rate in transactions was greater than the growth rate in purchases for both credit and debit cards, resulting in a drop in both average purchase amounts. In this month’s Deep Dive, we explore the ongoing growth in Digital Payments versus the more traditional Physical Card payments.

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