PSCU Payments Index May 2022: Deep Dive on Mobile Wallets
Summary: This month’s report finds continued strong consumer purchasing activity amidst ongoing inflationary pressures, while our Deep Dive shows that generational differences point to future growth in mobile wallets.
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Key takeaways include:
- The Consumer Price Index (CPI-U) for March moderated slightly to 8.3% in April, which was a 0.2% decrease from March – and the first drop in the CPI in eight months.
- Mobile Wallets continue to show strong growth, with notable growth coming from younger generations.
- Consumer spending on cards remains strong, with credit purchases up 20% and debit purchases up 4% year over year.
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