Key Takeaways:

The consequence of tariffs on consumer spending could have a profound impact on 2025 payment results, with mixed thoughts on timing. Price increases could begin to materialize in the coming weeks, while others could take a few months depending on supply chain constraints.
The Goods sector was the top contributor to growth in debit purchases, followed by Money Services, with these two sectors accounted for just over 70% of the year-over year increase. For credit purchases, the Services sector was the largest contributor to growth for March. Within Services, insurance sales/premiums were the top merchant category, up 8.8% compared to March 2024.
Leaving the swipes and dips behind, contactless “tap-and-go” transactions now make up over half of all Card Present transactions on contactless cards. Digital wallets also continue to grow in popularity, with 9.9% of all debit transactions taking place via a digital wallet and 5.6% of all credit transactions via a digital wallet for March 2025.

What Credit Unions Should Do Now:

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