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PSCU Payments Index-May 2021

The nation’s premier payments credit union service organization (CUSO) – PSCU – published the May edition of the PSCU Payments Index.  This month’s report includes year-over-year comparisons for overall performance surrounding credit and debit purchases and transactions, including card-not-present, contactless, mobile wallets, ATM and other payments activity. It also takes a deep dive into the Goods sector, which has been one of the strongest throughout the pandemic.

A sampling of key takeaways includes:

  • We continue to see strong growth in cards, with the Goods sector (this month’s Deep Dive) a major contributor
  • Card Present volume is improving as consumer comfort levels with in-store purchases increase, but Card Not Present growth is still leading the way
  • Credit card account balances have been declining and federal stimulus payments have accelerated the paydown
  • Stimulus funds that were saved and those used to pay credit card debt represent a future opportunity for cards; “revenge” spending is on the horizon

The full report is available for download here or can be shared as a PDF upon request.