Name: Velera on LinkedIn: #veleratv #creditunions #eyeonpayments
Uploaded: 2024-11-13T15:28:57.398Z
Duration: 59 s
Channel: Velera

Velera

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🆕 Episode 2️⃣3️⃣ of #VeleraTV is available now! 🎬 In this episode, host and Velera Chief Growth Officer Brian Scott is joined by Chief Marketing and Communications Officer Tom Pierce to share key findings from our 2024 Eye on Payments study, including the shift to credit — which now ranks as the preferred payment choice among consumers — and how the use of digital wallets at the point of sale has doubled. 📹 Watch the full episode: https://bit.ly/3Z3Rl4j ➡️ Download the study: https://bit.ly/3YBhcAj #CreditUnions #EyeOnPayments

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Transcript

This is the seventh year of doing this study. In our very first year, we saw a preference for credit card as being the top payment choice. The last five years, we've seen debit in that top spot. But there was a lot of cash available then. People had it in hand from the pandemic, from what was being issued from the government for extra payments at that point. We started to shift back this year to credit as the top payment choice, preferred type at the point of sale and in many different options with a 37% over 35% for debit. It also showed in credit card applications. We had 40% of credit union members say they applied for a credit card in the last twelve months. That's just incredible. And particularly interest amongst the younger generations, the millennials and Gen Z were definitely applying for credit cards more often than some of the older gens.

Brian Scott

EVP, Chief Growth Officer at Velera

The Eye on Payments study is one of the best industry sources of data and payments insights! Great job to Tom Pierce and team!

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