Debit Cards Reign Supreme amid Proliferation of Point

TROY, Mich.--(BUSINESS WIRE)--Aug 31, 2023--

Whether consumers have swiped, tapped, dipped, waved a wrist or held a device near a card reader at a retail location in recent months, the chances are good that they’ve used some form of digital, point-of-sale (POS) payment option in addition to cash. According to the inaugural J.D. Power U.S. Consumer POS Payment Program, SM released today, consumers have used no fewer than four different types of payment methods, including debit cards, cash, credit cards, digital wallets and buy now/pay later (BNPL).

The new program consists of four interconnected J.D. Power syndicated studies focused on understanding consumer preference and experience with the various forms of POS payment options: the POS Choice Satisfaction Study; SM Debit Card Satisfaction Study; SM Digital Wallet Satisfaction Study; SM and BNPL Satisfaction Study. SM The program, which includes evaluations of 30 top payment brands and 11 different payment methods, delivers a detailed, nuanced view of changing patterns of consumer behavior and preference for different forms of POS payment.

“The POS payment landscape is moving very quickly, and consumers are being confronted with so many different options that we’re seeing a real splintering of the total addressable market,” said Miles Tullo, managing director, banking and payments at J.D. Power. “Consumers now use multiple different payment options for dozens of different reasons, mostly correlated with specific needs but sometimes out of basic habit. By analyzing consumer behavior across the proliferation of different POS payment types, scenarios and consumer personas, we’re able to provide critical insights on what’s driving utilization and what steps brands need to take to scale POS payment products.”

Following are some of the key findings of the four 2023 studies:

The J.D. Power Consumer POS Payment Program measures usage behaviors and customer satisfaction with 11 POS payment methods and 30 POS payment brands that offer debit cards, digital wallets and BNPL loans. The program includes four J.D. Power syndicated studies: the POS Choice Satisfaction Study; Debit Card Satisfaction Study; Digital Wallet Satisfaction Study; and BNPL Satisfaction Study. Collectively, the studies captured the responses of 62,635 consumers and were fielded from April through June 2023.

For more information about the U.S. Consumer POS Payment Program, visit https://www.jdpower.com/business/consumer-payments-satisfaction-studies.

See the online press release at http://www.jdpower.com/pr-id/2023115.

About J.D. Power

J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.

J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.

About J.D. Power and Advertising/Promotional Rules:www.jdpower.com/business/about-us/press-release-info

View source version on businesswire.com:https://www.businesswire.com/news/home/20230831745458/en/

CONTACT: Geno Effler, J.D. Power; West Coast; 714-621-6224;[email protected]

John Roderick; East Coast; 631-584-2200;[email protected]

KEYWORD: UNITED STATES NORTH AMERICA MICHIGAN

INDUSTRY KEYWORD: PROFESSIONAL SERVICES PAYMENTS ONLINE RETAIL RETAIL TECHNOLOGY BANKING DIGITAL CASH MANAGEMENT/DIGITAL ASSETS

SOURCE: J.D. Power

PUB: 08/31/2023 08:00 AM/DISC: 08/31/2023 08:01 AM

http://www.businesswire.com/news/home/20230831745458/en

Sorry, there are no recent results for popular commented articles.

You voted: