Eye on Payments 2020: Part I – COVID-19 drives consumer payment choices and purchasing behavior

Virtually no aspect of the economy has remained untouched by COVID-19 — and the impacts continue to evolve the payments landscape at a rapid speed. The pandemic has changed our world dramatically and has been a major driver for consumer payment choices and purchasing behavior in 2020.

Welcome to part one of our blog series on Eye on Payments 2020. PSCU’s third annual consumer payments study examines payment preferences among credit union members and other financial institution customers (“non-members”) across the U.S. and how they evolved over the past year. Through this research, PSCU explores the factors that influence consumers when it comes to their choice and usage of different payment methods, and how these factors may vary among different life stages and economic events. For credit unions, the study shows how you can better meet these preferences and needs to drive member experience and growth.

This year, COVID-19 has driven consumer behavior in ways few experts could have predicted. In this first blog from our 2020 study, we’ll highlight changing consumer payment choices and purchasing behavior as a result of COVID-19, and share some of the ways credit unions can prepare for consumer expectations – both now and in the “new normal.”

 

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