PSCU Releases Weekly Performance Data Trends

PSCU, the nation’s premier payments credit union service organization, has updated its weekly transaction analysis for week ending November 8, 2020. 

Card payment volume growth rates continued to show overall strength in Week 45, with debit rising slightly and credit showing continued positive year-over-year growth. 

Debit card spend was up 17%, slightly above the four-week average of +16.3%. Transactions were up 2.6% and have been positive for 19 consecutive weeks.

Credit card spend remained positive for a tenth consecutive week at +2.8%, lower than the four-week average of +4.9%. Transactions finished at -1.6%, lower than the four-week average of -0.3%. Consumers continue strong usage of contactless, mobile wallets and card-not-present (CNP) alternatives while using less cash.

Contactless “tap-and-go” transactions via dual interface cards continue to gain adoption, with debit showing notable strength. Debit contactless transactions as a percent of card-present activity on contactless debit cards have nearly doubled from around 8.4% in mid-January to 16.6% in Week 45. Contactless credit transactions have also grown from 6.5% in mid-January to last week finishing at 11.3% of card-present activity on contactless credit cards. We view these results as conservative, as the ratio considers the proportion of contactless activity to all card-present transactions, not just those able to be tapped.  

Mobile wallet transactions and purchases for both credit and debit cards continue to show very strong growth with card-present activity. Debit mobile wallet purchases finished Week 45 up 58.6% year over year, lower than the four-week average of +62.9%. Credit mobile wallet purchases were up 46.2% year over year, lower than the four-week average of +51%. These results represent six supported mobile wallets: Apple Pay, Fitbit Pay, Garmin Pay, Google Pay, LG Pay and Samsung Pay.

Card Not Present (CNP) transactions. For credit, 53.1% of purchase volume and 42.4% of transactions were CNP. For debit, 43.7% of purchase volume and 29.2% of transactions were CNP. Purchase mix has held steady and is up 6.8 percentage points year over year for credit and 7.6 percentage points for debit.  Transaction mix also remains steady, up 8.8 percentage points for credit and 7 percentage points for debit year over year.

ATM use remain down year over year. For the most recent week, the number of cash withdrawals was down 15.5%, higher than the four-week average of -17.2%. The year-over-year change in total cash withdrawn is down 3.4%, which is higher than the four-week average of -7.3%.

The Service sector increased in both debit and credit. Purchases are up 25% for debit, an increase of 14.8 percentage points week over week. Credit purchases were up 10.7%, or 4.1 percentage points higher from the previous week.

Overall U.S. spend was up 2.8% for credit purchases. The Southeast (+6.2%) and Southwest (+4.2%) finished as the strongest regions for Week 45. The Hawaii (-4.2%) and New England (-6%) regions had the lowest credit purchase performance. 

Overall U.S. spend was up 17% for debit purchases. The Southeast (+20.5) finished as the strongest region for Week 45. The Hawaii (+9.6%), New England (+12.1%) and Rocky Mountain (+12.1%) regions had the lowest debit purchase performance. 

While PSCU supports six mobile wallet providers, the top three (Apple Pay, Google Pay and Samsung Pay) represent 99% of the card-present mobile wallet transactions in Week 45. The data below represents card-present mobile wallet activity. 

For debit, Apple Pay has the largest share of mobile wallet transaction volume at 83%, followed by Samsung Pay at 9% and Google Pay at 8%. For credit, Apple Pay leads with 77%, followed by Google Pay at 13% and Samsung Pay at 10%. 

Among the mobile wallets, Google Pay has seen the fastest growth, with debit transactions up 47.9% and credit transactions up 17.2% year over year. Apple Pay has also been strong, with debit transactions up 34.7% and credit transactions up 16% year over year, while Samsung Pay has seen slower growth and saw debit transactions down 6.5% and credit transactions down 12.8% in Week 45.

Supporting the notion that contactless card and mobile wallets are displacing cash transactions, particularly with debit, the average ticket size for mobile wallets is lower than overall transaction size. Compared to an average debit ticket of $42.79, Apple Pay is $17.53, Google Pay is $17.88 and Samsung Pay is $18.29.  

WK45 trend infographic