COLUMBUS, Ga., Jun 20, 2011—TSYS(R) today announced it has made available to the industry the first phase of results from a nationwide primary research effort focusing on consumers’ use of debit cards. It can be accessed at www.tsys.com/debit .
The “TSYS & Mercator Advisory Group Debit Survey 2011” is the first in a two-part research effort focusing on consumer use and preferences for debit relative to other payment types. The goal of the survey was to identify current and potential future consumer payment preferences.
“There are significant changes occurring within the payments industry, particularly regarding debit,” said Sarah Hartman, senior director, TSYS. “TSYS determined that one of the ways we can help financial institutions better understand these changes and the many decisions facing issuers is to provide actionable information regarding current and potential future consumer payment behavior.”
More than 1,000 debit card users answered questions relating to debit card usage, payment preferences, reaction to potential debit-related fees and interest in debit card enhancements. Key findings included:
— Debit was the preferred payment type and checks were largely a thing of the past in most point-of-sale locations.
— Cash is the primary fall-back tender type chosen by those respondents who indicated they would reduce or completely stop using their debit cards if they were charged fees.
— Interest was high for instant-issue cards and a secure way to enter their pin for online purchases from a debit card enhancement standpoint.
“Working alongside a leading payments provider such as TSYS on this study at such a critical juncture in the debit card industry offers an even greater depth of insight into its results,” said Patricia Hewitt, director, Debit Advisory Service, Mercator Advisory Group. “We believe the combination of survey and focus groups will allow us to gauge consumer attitudes and preferences towards debit card products and provide financial institutions with data points and directionality that can be used as they continue to evaluate and make changes to their debit and other payment products.”
The second phase of the research will include four in-person focus groups conducted in two cities. These focus groups will provide an additional layer of validation as well as help understand why consumers make certain decisions.
To obtain a full copy of the online survey results and be added to the distribution list for the results of the focus groups, please register at www.tsys.com/debit .
About Mercator Advisory Group
Mercator Advisory Group is the leading, independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world’s largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors.
About TSYS
TSYS is reshaping a new era in digital commerce, connecting consumers, merchants, financial institutions, businesses and governments. Through unmatched customer service and industry insight, TSYS creates a better experience for buyers and sellers, supporting cross-border payments in more than 85 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare, installments, money transfer and more, TSYS makes it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience.
TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks. For more information, please visit us at www.tsys.com .