U.S. retail sales are expect to grow by 4.0% for the holiday period compared to 2014. As the economy continues to heat up, consumers are increasingly spending on experiences, with record spend on travel and restaurants in 2015.
Despite all the buzz, with more than half of consumers aware that they can make payments through their mobile phones – only 18% of Americans use their mobile phones to make at least one payment a week.
In today’s CardFlash News Que: KEN RESEARCH (A/P); TIMTERIC (Germany); AMERICAN EXPRESS (survey); and TIMETRIC (Azerbaijan).
Nearly half (48%) of Gen X and baby boomers agree credit cards now function as a survival tool and 43% agree lots of smart, hardworking people who are careful with spending also have a lot of credit card debt.
Bank of America’s mobile banking platform has more than 17 million active users and growing at a rate of approximately 5,000 users per day. During the first quarter of 2015, mobile banking customers logged into their accounts more than 625 million times, or almost 40 times per user.
Over a quarter (28 per cent) of social housing tenants are missing out on huge savings by using cash to pay for bills, goods and services, rather than direct debit, according to research from Experian.
In today’s CardFlash News Que: MIVA (PCI); STARTEK (PCI); GEMALTO (wearables); and GLORY (TAU).
Middle market companies’ optimism about the national economy exceeds the outlook for their local economy and industry performance. About two-thirds (68%) of middle market companies are optimistic about the U.S. economy, compared with 54% in 2014.
New research shows nearly two-thirds of Americans are now smartphone owner and 57% have used their phone to do online banking. However, nearly half of smartphone-dependent Americans have had to cancel or shut off their cell phone service for a period of time because the cost of maintaining that service was a financial hardship.
Only 58% of students from four-year institutions said they were prepared to manage their money, while 12% of respondents said they never check their bank balances because they are too nervous. Additionally, 16% of student respondents lived paycheck to paycheck and yet only three-quarters stopped spending when their bank account balances were low.
Since the Great Recession finance executives’ confidence in the U.S. economy has never been higher and now have adopted a ‘spend-to-grow’ attitude. The U.S is joined by finance executives in India, Spain, China and Brazil wherein 75% of the top executives express the same optimism.
Mobile money has been growing rapidly over the past few years, and with 255 services in 89 countries, mobile money is now available in 61% of developing markets.