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“There are significant changes occurring within the payments industry, particularly regarding debit,” said Sarah Hartman, senior director, TSYS. “TSYS determined that one of the ways we can help financial institutions better understand these changes and the many decisions facing issuers is to provide actionable information regarding current and potential future consumer payment behavior.”
More than 1,000 debit card users answered questions relating to debit card usage, payment preferences, reaction to potential debit-related fees and interest in debit card enhancements. Key findings included:
— Debit was the preferred payment type and checks were largely a thing of the past in most point-of-sale locations.
— Cash is the primary fall-back tender type chosen by those respondents who indicated they would reduce or completely stop using their debit cards if they were charged fees.
— Interest was high for instant-issue cards and a secure way to enter their pin for online purchases from a debit card enhancement standpoint.
The second phase of the research will provide feedback based on four focus groups of debit users conducted in two cities.
“Working alongside a leading payments provider such as TSYS on this study at such a critical juncture in the debit card industry offers an even greater depth of insight into its results,” said Patricia Hewitt, director, Debit Advisory Service, Mercator Advisory Group. “We believe the combination of survey and focus groups will allow us to gauge consumer attitudes and preferences towards debit card products and provide financial institutions with data points and directionality that can be used as they continue to evaluate and make changes to their debit and other payment products.”
Those wishing to obtain a full copy of the online survey results and be added to the distribution list for the results of the focus groups can register at www.tsys.com/debit .