According to research by MasterCard, during times of economic despair, consumers favor financial instruments that limit their ability to overspend. At the start of the financial crisis, approximately $141 billion in consumer spending shifted from credit cards to debit card products.
American shoppers love prepaid cards. In 2012, U.S. consumers used prepaid cards to make $99.5 billion in purchases — a 19 percent increase from just the year prior. In 2014, total prepaid spending could exceed $200 billion, or roughly five percent of all retail purchases in the country.
Mobile bill pay continues to grow at a fantastic rate. The number of mobile bill payment users throughout the country has doubled from 8 million in 2012 to 16 million in 2013.
And it’s not just smartphone users who are fueling this growth. Roughly 25 percent of tablet owners have used their devices to pay bills on the go. It's easy to understand mobile bill pay's growing popularity. In one recent survey:
Across the country, mobile credit card processing continues to surge as American consumers and businesses increasingly use smartphones, tablets and other electronic devices to buy and sell what they need.