The latest TSYS (NYSE: TSS) Consumer Payment Study found that while
Americans are increasingly trying the latest payment technologies, they
still want old-fashioned customer service when they have a problem.
The eighth annual survey of approximately 1,200 Americans with a credit
and debit card found the portion of respondents using a P2P payment
service popped from 29% to 44% over the last year.
Additionally, for day-to-day management of accounts, consumers are more
comfortable transacting business digitally. Text messages as a preferred
method for receiving alerts about potential unauthorized use doubled
from 20% to 40% between 2015 and 2018. Even more people — 61% — have an
interest in receiving alerts on their mobile phone each time a purchase
is made with their card.
At the same time that digital services are taking off, speaking to a
real person — on the phone or in person — remains the preferred method
of addressing an issue when a problem does occur with a payment card
(versus using a chat service or sending an email). Seventy-two percent
of those surveyed prefer calling customer service to talk to a
representative, up substantially from 63% the year before.
“Americans are demonstrating a strong appetite for digital technologies,
especially mobile channels, when it comes to how they bank and make
payments,” said John Dale Hester, Senior Vice President of Relationship
Management at TSYS. “But that willingness to adopt the latest technology
has its limits. When people encounter a problem with a payment card,
most still want to interact with a real person.”
Those between the ages of 18 and 24 are more likely than other age
groups to seek support at a branch when they have an issue with their
payment card (16% say they would visit a branch).
“We believe consumers will continue to gravitate towards new payment
technologies, especially if companies provide them with the option to
address problems by interacting with real people, if that’s what they
want,” said Hester.
TSYS conducts its annual Consumer Payment Study to monitor consumers’
attitudes and behavior around mobile and other fast-changing
technologies. Below are other key data points from the study:
1. Awareness of P2P reached 81%, an 8% increase from last year.
2. Sixty-six percent of respondents are interested in using their mobile
phones to redeem loyalty/rewards points for immediate discounts on
3. Among likely mobile wallet users, nearly a third would use a mobile
app that automatically decides which card to use based on their payment
4. Fifty-five percent of consumers with a contactless card claim they
have made a purchase using the “tap” feature.
5. Thirty percent of consumers are “extremely concerned” that their
account and/or personal data will be stolen in the future.
To view the full report, including findings across categories such as
mobile technology, emerging payments, loyalty/rewards and more, visit www.tsys.com/2018uspaymentstudy.
TSYS® (NYSE: TSS) is a leading global payments provider,
offering seamless, secure and innovative solutions across the payments
spectrum — for issuers, merchants and consumers. We succeed because we
put people and their needs at the heart of every decision to help them
unlock payment opportunities. It’s an approach we call People-Centered
Our headquarters are located in Columbus, Ga., U.S.A., with
approximately 13,000 team members and local offices across 13 countries.
TSYS generated revenue of $4.9 billion in 2017, while processing more
than 27.8 billion transactions. We are a member of The Civic 50 and were
named one of the 2018 World’s Most Ethical Companies by Ethisphere
magazine. TSYS is a member of the S&P 500 and routinely posts all
important information on its website. For more, visit tsys.com.