{"id":4601,"date":"2019-12-18T15:08:03","date_gmt":"2019-12-18T15:08:03","guid":{"rendered":"https:\/\/evoipos.com\/?p=4601"},"modified":"2021-12-10T13:14:11","modified_gmt":"2021-12-10T18:14:11","slug":"2019-holiday-spending-how-consumers-are-paying-for-the-holidays","status":"publish","type":"post","link":"https:\/\/www.evopayments.us\/staging\/2019-holiday-spending-how-consumers-are-paying-for-the-holidays\/","title":{"rendered":"2019 Holiday Spending: How Consumers Are Paying for the Holidays"},"content":{"rendered":"\n

As consumers made their lists and set out to do their\nshopping this season, surveys revealed that on average, they planned\nto spend $825<\/a>, a 6 percent increase in holiday spending over last year. Although\nsome retailers may have a faint memory of holiday shopping seasons when consumers\nwould have made those purchases with cash, times, definitely, have changed.\nShoppers are drawn to the convenience of diverse payment methods \u2014 and expect\nmerchants to accept them. <\/p>\n\n\n\n

Here\u2019s a breakdown of the ways consumers are transacting\nthis holiday shopping season: <\/p>\n\n\n\n

Credit cards<\/h3>\n\n\n\n

A key finding from NerdWallet\u2019s 2019 Holiday Shopping Report\nis that 71\npercent of US consumers planned to use credit<\/a> cards for purchases this year,\neven though 48 million consumers say they\u2019re still paying off 2018 holiday\ncredit card debt. <\/p>\n\n\n\n

Brick-and-mortar merchants can rest easier when they use EMV\ntechnology for card-present transactions. According to Visa, EMV, which uses\nchip cards that communicate with payment systems, has reduced\ncard fraud by 76 percent<\/a>. <\/p>\n\n\n\n

Online merchants, too, have tools that can help them reduce\ncard fraud, such as Card Verification Value \n(CVV) code and other user-authentication methods.<\/p>\n\n\n\n

In addition to ensuring that credit card payments are valid\nand authorized, merchants are also addressing the high volume of payment card\ntransactions by finding ways to streamline payment experiences for their\ncustomers. One strategy is to eliminate signatures at the point of sale, which\nmost card brands no longer require due to the security and authentication\nabilities of state-of-the-art payment technologies. Omnichannel merchants are\nalso tokenizing payment data, so loyal customers won\u2019t have to re-enter data online\nor present a card for an in-store return of an online purchase.<\/p>\n\n\n\n

Mobile wallets<\/h3>\n\n\n\n

When shoppers use their charge accounts for in-store holiday\nspending, not all of them will be using plastic. The NerdWallet survey found\nthat 32 percent of US consumers \u2014 about 71 million \u2014 are using mobile\nwallets<\/a>, such as Apple Pay or Google Pay. The percentage of consumers\npaying via phone is even higher if you factor in popular apps that facilitate\npayment, such as the Starbucks app. <\/p>\n\n\n\n

In addition to the convenience of not having to carry cash\nor plastic cards \u2014 just a smartphone, which consumers never seem to be without\n\u2014 shoppers can also count on the added security\nof paying via mobile wallet<\/a>. Not only is it harder to access payment\ninformation in a locked phone than on a plastic card in a stolen wallet, mobile\nwallets automatically tokenize payment data. <\/p>\n\n\n\n

Contactless payments<\/h3>\n\n\n\n

Contactless payment cards and near-field communication (NFC)\nmobile wallets are giving consumers the convenience of tap-and-go\npayments in more locations this holiday shopping season<\/a>. This type of\npayment protects card-present payments in the same way that EMV technology\ndoes, but it delivers a faster, easier payment experience for shoppers. <\/p>\n\n\n\n

Contactless payment adoption in the US has grown\nincrementally, due in part to limited places where consumers could use\ncontactless payments. This year, however, Visa reports that 78 of their top 100\nmerchants by transaction volume now accept contactless payments \u2014 and the\nSalvation Army is enabling people to make donations by tapping their phones via\na system known as \u201cKettle Pay.\u201d <\/p>\n\n\n\n

Click and collect<\/h3>\n\n\n\n

Another trend this holiday shopping season is buy\nonline, pickup in store, aka click and collect<\/a>. More than half of consumers\nwill engage in this holiday spending option that allows shoppers to find what\nthey need and pay online and pick up their merchandise in a physical store to\navoid shipping charges \u2014 and to get their items sooner.<\/p>\n\n\n\n

Tokenized payment data can make click and collect or\nin-store returns of online orders easier for customers and more easily managed\nfor merchants. <\/p>\n\n\n\n

Person-to-person payments for gifting<\/h3>\n\n\n\n

A relatively new holiday tradition centers on\nperson-to-person payments, especially for those hard-to-shop-for relatives or\nthose who prefer gifts that help them fund experiences. Person-to-person\npayments make it easy to transfer funds to a friend\u2019s or family member\u2019s\naccount and to \u201cgroup gift\u201d by splitting the amount with other people. <\/p>\n\n\n\n

Advice for ISVs and VARS<\/h3>\n\n\n\n

Entering a new decade, shoppers are carrying out their\nholiday spending \u2014 and spending throughout the year \u2014 in more diverse ways.\nYour clients need payment technology that allows them to give their customers the\noptions they demand. Their ability to create the types of experiences that\nconsumers want is essential to their success. It\u2019s also crucial to your\nrelevance. <\/p>\n\n\n\n

Contact EVO to learn more about what your clients need in a payments platform. <\/p>\n\n\n\n

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Connect with Us<\/h3>\n

With business activities in 50 markets and 150+ currencies around the world, EVO is among the largest fully integrated merchant acquirers and payment processors in the world.<\/p>\n

Contact Us<\/a><\/div>\n <\/div> \n <\/div> \n <\/div>\n\n ","protected":false},"excerpt":{"rendered":"

Entering a new decade, shoppers are carrying out their holiday spending in more diverse ways.<\/p>\n","protected":false},"author":22,"featured_media":17945,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":3,"_editorskit_typography_data":[],"_editorskit_blocks_typography":"","_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","_mi_skip_tracking":false},"categories":[459,49,460,15],"tags":[],"acf":[],"yoast_head":"\n2019 Holiday Spending: How Consumers Are Paying for the Holidays - EVO Payments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.evopayments.us\/staging\/2019-holiday-spending-how-consumers-are-paying-for-the-holidays\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2019 Holiday Spending: How Consumers Are Paying for the Holidays - 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