PSCU: YoY Transaction Trends Update (Week 41)

PSCU, the nation’s premier payments credit union service organization, has updated its weekly transaction analysis from its Owner credit union members on a same-store basis to identify the impact of COVID-19 on consumer spending and shopping trends.

To provide relevant updates on market performance, experts from PSCU’s Advisors Plus and Data & Analytics teams today released year-over-year weekly performance data trends. In this week’s installment, PSCU compares the 41st week of the year (the week ending October 11, 2020 compared to the week ending October 13, 2019).

  • Consumers continue strong usage of contactless, mobile wallets and card-not-present (CNP) alternatives, while using less cash.
    • Contactless “tap-and-go” transactions via dual interface cards continue to gain adoption. Debit contactless transactions as a percent of card-present activity on contactless debit cards have grown from around 8.4% in mid-January to 16.4% in Week 41. Contactless credit transactions have also grown from 6.5% in mid-January to last week finishing at 10.5% of card-present activity on contactless credit cards.
    • Mobile wallet (i.e. “Pays”) transactions and purchases for both credit and debit cards continue to show positive results. Debit mobile wallet purchases finished Week 41 up 66.2% year over year, lower than the four-week average of +68.5%. Credit mobile wallet purchases were up 51.6% year over year, slightly higher than the four-week average of +50.6%. These results represent six supported mobile wallets: Apple Pay, Fitbit Pay, Garmin Pay, Google Pay, LG Pay and Samsung Pay.
    • We continue to see more volume conducted via Card Not Present (CNP) transactions. For credit, 51.5% of purchase volume and 40.9% of transactions were CNP. For debit, 42% of purchase volume and 28.3% of transactions were CNP. Purchase mix has held steady and is up 6.2 percentage points year over year for credit and 7.3 percentage points for debit.  Transaction mix also remains steady, up 8.5 percentage points for credit and 7.1 percentage points for debit year over year.
    • Cash withdrawal transactions at the ATM remain down year over year. For the most recent week, the number of cash withdrawals was down 18.6%, just above the average for the past four weeks of -19.4%. The year over year change in total cash withdrawn is down 8.3%, which is higher than the four-week average of -9.5%.

PSCU’s Weekly U.S. State/Territory Analysis  ranks U.S. states and territories by year-over-year performance for debit purchases, credit purchases and ATM transactions.

PSCU will continue to develop and share analysis of transaction trends on a regular basis throughout the COVID-19 crisis.