The takeaway from our TSYS 5th annual, complimentary study, shows debit continues to be the most preferred payment type overall, although in the last two years of the study, we have seen a decrease in the percentage of consumers who prefer to pay using their debit card. For certain merchant types, respondents indicated that they prefer credit cards or cash over debit cards. Mobile continues to gain traction, with consumers particularly interested in using the technology to view account activity and manage fraud.
The payments industry continues to evolve quickly through innovation and the availability of new products. Companies that have not traditionally participated in payments are also looking at the industry as an opportunity for both growth and a more robust customer experience. We believe the expanded consumer choices will help drive the progress and innovation of payments.
Some key takeaways from our study include: