PSCU Payments Index May 2023: A Deep Dive on Contactless Card Payments

Summary: Welcome to the May edition of the PSCU Payments Index! This month’s report finds continued softening of consumer purchasing activity amidst contracting inflation. While overall payment growth is still positive, April 2023 data revealed extended weakening of consumer spend and lower average purchases for both credit and debit cards. This month’s Deep Dive highlights strength in contactless card payments, led partially by generational differences, as well usage concentrations in certain sectors.