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Consumers prefer multiple payment methods

March 27, 2012

Consumers are coming around on mobile payments, according to a new study by American Express.

Consumers are coming around on mobile payments, according to a new study by American Express. The poll found that half of younger consumers would like to adopt the new methods as they become available, but until the new technology is deployed on large scale, surveyed shoppers said they highly value having the ability to use the payment method that is most convenient for them.

For most consumers, debit cards are becoming the most preferable way to pay. A First Data SpendTrend report shows that debit card payments are gaining the most popularity with shoppers. In January, PIN debit transactions surged past other options with double digit gains, growing 11.7 percent. Signature debit transactions fell behind just slightly with 9.2 percent growth. Credit card processing volume grew 7.6 percent, while checks dropped back 5 percent.

Among those surveyed by American Express, just under half reported using checks much less in the past five years, while more than a quarter said they never used them at all. The report also found that shoppers are warming up to new ways of completing transactions.

Online payment processing increased 30 percent over the past five years, the study found. Additionally, 35 percent of shoppers said they were interested in trying new technology, such as near field communications, digital wallets and person-to-person platforms for mobile credit card processing

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