PSCU Payments Index May 2021: Deep Dive on Goods
Summary: Over the past month, numerous public health and economic forces have impacted the payments industry. The number of vaccinated Americans continued to steadily increase and certain safety restrictions were lifted, increasing consumer comfort levels. Consumer prices increased more than expected, the U.S. added fewer jobs than expected, and the real estate market continues to defy expectations.
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Over the past month, numerous public health and economic forces have impacted the payments industry. The number of vaccinated Americans continued to steadily increase and certain safety restrictions were lifted, increasing consumer comfort levels. Consumer prices increased more than expected, the U.S. added fewer jobs than expected, and the real estate market continues to defy expectations.
Amidst this pivotal time, we are proud to present the second edition of the PSCU Payments Index. In our May 2021 edition, we explore the impact of these forces and take a deep dive into the Goods sector, which has been one of the strongest throughout the pandemic, to help our financial institutions make informed, strategic decisions.
Key takeaways include:
- We continue to see strong growth in cards, with the Goods sector (this month’s Deep Dive) a major contributor
- Card Present volume is improving as consumer comfort levels with in-store purchases increase, but Card Not Present growth is still leading the way
- Stimulus funds that were saved and those used to pay credit card debt represent a future opportunity for cards; “revenge” spending is on the horizon
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