PSCU Releases Weekly Performance Data Trends

PSCU, the nation’s premier payments credit union service organization, has updated its weekly transaction analysis from week ending July 19, 2020.

Overall card payment volumes were down moderately for the week.  

Debit card spend was up 16.3%, a decrease of 1.6 percentage points over last week. Transactions were up 1.8% for the second week in a row. 

Credit card spend was down 3.1% year over year, nearly unchanged from the previous week. Transactions were down 8.9% and have been hovering at that rate for the past five weeks.

Consumers continue strong usage of contactless, mobile wallets and card-not-present (CNP) alternatives, while continuing to use less cash.

Contactless “tap-and-go” transactions via dual interface cards continue to gain popularity in the emerging “touchless” economy. Debit contactless transactions have grown from 9% pre-pandemic to 12.9% of card-present activity on contactless debit cards. Contactless credit transactions have also grown from 6.5% to 8.6% of card-present activity on contactless credit cards. 

Mobile wallet transactions and purchases continue to trend up for both credit and debit cards. Debit mobile wallet purchases remain strong, finishing Week 29 up 81.4% compared to 2019, while credit mobile wallet purchases are up 47.4% year-over-year. These results represent six supported mobile wallets: Apple Pay, Fitbit Pay, Garmin Pay, Google Pay, LG Pay and Samsung.

Debit card CNP volumes remained steady with strong year-over-year growth. There was a modest softening last week, finishing up 41.0% for purchases and 36.1% for transactions in Week 29. This is the 14th consecutive week of growth above 35% for debit.  

Credit card CNP volumes were up 11.7% for purchases, with transactions up 15.9%.

Cash withdrawal transactions at ATMs continue to be down. For the most recent week, the number of cash withdrawals was down 20.1%.