Consumers tap credit cards, loans to manage inflation: Fed report
Payments Dive
AUGUST 26, 2024
Gen Z and millennials were the age groups most likely to use loans and credit cards to respond to higher prices, a Federal Reserve research report said.
Cards Groups Millennials 
Report: Millennials, Buy Now Pay Later And The Shifting Dynamics Of Online Credit
PYMNTS
DECEMBER 10, 2020
It has been suggested that millennials are averse to having and using credit cards. Millennials are in fact as likely as other generations to have credit cards, with nearly nine out of 10 having at least one card, according to PYMNTS’ latest research. PYMNTS research shows 11.5
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NEW DATA: Better Customer Service Could Sway 3 in 10 Consumers To Switch Credit Cards
PYMNTS
MAY 22, 2020
There is a growing list of things millennials have seemingly been blamed for rendering obsolete, such as cocktail napkins, casual dining and expensive engagement rings. cardholders across a range of age and income groups. Our data suggests that card customer service departments must be equipped to address these fundamental concerns.
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Deep Dive: Keeping Up With Bridge Millennials’ Retail Impact
PYMNTS
DECEMBER 10, 2019
Bridge millennials’ rise is changing the retail ecosystem ahead of the 2019 holiday season, but their impacts will continue to be felt in the year ahead. Bridge millennials are consumers aged 30 to 40 whose shopping and financial preferences straddle Gen X and millennial demographics.
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Deep Dive: Travel, Hospitality Get A Millennial Makeover
PYMNTS
JANUARY 13, 2020
Millennials have long been sought-after travel and hospitality customers, partly because they are perfectly placed to seek such experiences. This unique status creates both opportunities and challenges for firms in the space, as millennials search for the experiences they crave. Furthermore, millennials are set to spend $1.4
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Millennials Shun Credit Cards After Getting Denied
PYMNTS
OCTOBER 27, 2016
26) new research that revealed over six out of 10 millennials declined for credit are not seen applying again for at least 12 months. A frequently referenced Bankrate.com study reported that 63 percent of millennials do not have a credit card. Fewer than half of millennials, the largest generation of U.S.
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BNPL Is Poised To Light Up The COVID Holidays With Affordability
PYMNTS
DECEMBER 15, 2020
PYMNTS’ December 2020 Buy Now, Pay Later Report , a collaboration with PayPal , examines the explosion in BNPL’s popularity, starting with a certain consumer group we all know and love. Bridge Millennials Crossing Over To BNPL. How they use credit and how they feel about it, however, is what sets millennials apart from other demos.
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Deserve Raises $50M to Expand Account Receivables
Bank Innovation
APRIL 25, 2018
EXCLUSIVE— Millennial and Gen Z-focused credit card provider Deserve has raised $50 million from the Keystone National Group, funding earmarked for the startup’s expansion of account receivables, the company announced today.
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Amex Updates Blue Cash Card To Reflect Millennials’ Spending
PYMNTS
MAY 2, 2019
In a sign of the times, American Express is increasing the rewards on its Blue Cash Preferred Card, announcing 6 percent cash back on U.S. American Express said the Blue Cash Preferred Card will still offer 6 percent cash back in U.S. “If I had to pick, I’d argue that the best potential fits are older millennials and Gen Xers.
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Why Installment Payments Are Fashionable This Holiday Season
PYMNTS
DECEMBER 6, 2019
Consumers — especially millennials and Generation Z — are looking for new commerce experiences during the 2019 holiday season. However, they are also hesitant to pay for those new experiences with credit cards or other traditional financing options. How Bridge Millennials Are Driving More Demand For Flexible Payments.
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The Complexities Of Wooing Bridge Millennials
PYMNTS
OCTOBER 5, 2018
The stated goal, according to new CEO Jim Brett – is for the brand to build back its audience particularly among millennial shoppers. And as Karen Webster noted in a commentary on the rise of the Bridge Millennials – and what it will mean – merchants are not wrong to be a little obsessed with this group of consumers. “We
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Millennials Are Buying More Gift Cards Than Ever — For Themselves
PYMNTS
SEPTEMBER 8, 2016
Maybe millennials really are a self-centered bunch? New data suggests that they are buying more gift cards than ever before but then turning around and spending those cards on themselves. Mercator Advisory Group surveyed 3,009 U.S. The study found that these types of consumers are steadily growing.
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PYMNTS Daily Data Dive: Millennials Eschewing Credit Cards
PYMNTS
AUGUST 23, 2016
Credit card issuers will be encouraged by the latest data from The New York Fed. Credit card use, after many years of slowdown after the financial crisis of 2008, is now exploding. Among the Millennial generation, the level of credit card debt is at its lowest level since 1989, when data collection began.
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Debit Beats Credit With Bridge Millennials
PYMNTS
FEBRUARY 4, 2020
Not willingly – unless you use a credit card at the POS terminal, that is, in which case you’ll pay the retail price plus 21 percent. Multitudes of Americans woke up and wised up to the true nature of credit after the Great Recession, driving a surge in the use of debit cards. Would you pay interest on a cup of coffee?
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The Retail Complexities Of Wooing Bridge Millennials
PYMNTS
OCTOBER 5, 2018
The stated goal, according to new CEO Jim Brett, is for the brand to build back its audience, particularly among millennial shoppers. And, as Karen Webster noted in a commentary on the rise of the bridge millennials – and what it will mean – merchants are not wrong to be a little obsessed with this group of consumers. “We
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OAK + FORT: Flexible-Payment Plans Boost Luxury Purchases
PYMNTS
SEPTEMBER 30, 2020
Luxury retailers are also targeting millennial and Generation Z consumers to expand their customer bases, with one report showing that millennials accounted for 35 percent of high-end retail purchases, for example. Around The Buy Now, Pay Later World. billion this year — almost double last year’s total. About The Tracker .
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New Data: Receivers Value Instant Payouts Enough To Pay To Get Them
PYMNTS
AUGUST 10, 2020
In fact, just 13 percent of the latter and 8 percent of the former say they receive their funds through instant payments to debit cards, credit cards, prepaid cards or digital wallets. To learn more about how offering instant disbursements can help firms close the payout choice gap, download the Report.
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Melding Digital With Physical Rescues In-Store Retailing
PYMNTS
NOVEMBER 5, 2020
It’s borne out by findings in the latest How We Shop report, which states , “Consumers are more willing to shop in stores now than they were in June — a trend across all age groups and geographic areas. Ten percent more Gen X consumers would shop in stores now than in June, and 5 percent more millennials would do the same than in June.”.
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Deep Dive: Bridge Millennials And The C-Store Experience
PYMNTS
NOVEMBER 27, 2018
Convenience store operators would be wise to pay close attention to the purchasing habits of a certain subset of consumer: the Bridge Millennial — the first generation of connected consumers with spending power. Building A Better Bridge Millennial Gas App. percent), credit cards (11.1 So what do BMs want from a gas app?
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Mobile Cards Key To Winning Bank Accounts
PYMNTS
FEBRUARY 25, 2020
Mobile Cards: Make or Break? One way that banks or ambitious social media platforms will win this combat for customers is through the use of mobile credit and debit cards, with a highly configurable nature and full range of card and spend management controls to please the most vacillating of customers.
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The Coming Millennial FinTech Crisis
PYMNTS
DECEMBER 19, 2016
While they enjoy many FinTech innovations, most millennials don’t have a snowball’s chance of earning more than their parents — ever. It’s one thing for the millennial offspring of the billionaire hedge-fund scions to fall short of making a billion because they only manage to pull down $760 million a year. It’s a fact. population.
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With Home Equity Lacking, Will Millennials Embrace POS Financing?
PYMNTS
APRIL 5, 2019
Against this backdrop, we find, then, that millennials do not embrace credit cards as readily as other groups of users. Bankrate has estimated that roughly 33 percent of millennials have cards. FinTechs have been stepping in to feed demand for installment loans.
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Millennial Entrepreneurs’ Optimism Is Booming — Here’s Their Top Concern
PYMNTS
OCTOBER 30, 2017
As millennials continue to grow their presence in the small business (SMB) community, the dynamics of SMB finance are also changing. According to some experts , millennial small business owners no longer accept mediocre or sub-par services from their financial providers. million millennials now make up more than a quarter of the U.S.
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109 Millennials May Never Financially Recover From The Great Recession
PYMNTS
MAY 23, 2018
For all the press about how millennials are the future of commerce, there is one big and rather problematic roadblock in that narrative. Millennials are kind of broke – and they might always be. While other generational groups also lost ground during the Great Recession, millennials as a group have largely missed the recovery.
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BJ’s On The Block, Amex’s Millennial Problem And Another Big Breach
PYMNTS
APRIL 24, 2017
The long-suffering team at American Express has a new headache to handle — losing the love of those millennial customers. and yes, this looks like card data breach. American Express cards, from time immemorial, has signaled affluence among holders — particularly the Platinum Card. Ready to jump in?
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How Connected Devices Are Revolutionizing How And Who We Pay
PYMNTS
OCTOBER 22, 2018
People of all stripes — from millennials to baby boomers, from Generation X to the Greatest Generation — are increasingly swapping the friction of shopping in a store for the convenience of using one of the many connected devices they now own to shop and buy from instead. To track how we will pay, watch how Bridge Millennials pay today.
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China’s Millennials Willing To Take On Debt
PYMNTS
DECEMBER 12, 2016
Along with being largely more tech-savvy, educated and affluent than previous generations, Chinese millennials were also raised in a time of relative stability and affluence in the nation. By then, Chinese millennials could account for about 53 percent of total consumption spending. Chinese millennials are taking on debt 18.5
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100 Mobile Game Shows Offer Brands Prized Millennial Viewers
PYMNTS
JUNE 14, 2018
Millennials are a force to be reckoned with, as they are made up of approximately 90 million individuals with significant spending power: By 2030, their aggregate annual income is projected to be more than $4 trillion. Attracting Millennials. Approximately 75 percent of Gravy’s users are millennials. Second Chances.
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118 Are Millennials Better Off As Non-Home Buyers?
PYMNTS
AUGUST 23, 2016
Millennials are buying fewer houses than their Baby-Boomer counterparts – that is inarguable by the data. Across age groups, the U.S. percent – and that dip is mostly powered by millennial homebuyers who aren’t buying. For the same reasons they aren’t using credit cards – they can’t.
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Deep Dive: Why Contactless Payment Innovation Is Key For CUs Amid The Pandemic And Beyond
PYMNTS
JANUARY 28, 2021
A transformation toward contactless payments is underway at the nation’s credit unions as the public shuns cash and even physical cards to lower infection risks with COVID-19. PYMNTS’ research indicates that millennials (ages 23 to 39) and bridge millennials (ages 30 to 40) have the greatest interest in P2P payment use, for example.
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187 Millennials Vs. Baby Boomers: When Does The ‘Cashless Society’ Begin?
PYMNTS
DECEMBER 1, 2016
More than one out of four millennials carry less than $5 cash with them. And according to another study, nearly 20 percent of millennials have not used cash in two months. With a fifth of millennials already rarely using cash, it is clear that this is happening relatively rapidly,” said Kalle Marsal, CMO of Mitek.
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Afterpay Teams With Simon Before Holiday Shopping Season
PYMNTS
OCTOBER 6, 2020
Shoppers can start a purchase in stores by selecting the card icon in the Afterpay mobile program, which activates the Afterpay card that can be used for purchases via Google Pay or Apple Pay. Millennial and Gen Z shoppers are focusing on sustainable and ethical fashion and retail more than before.
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Why Visa Is Starting A Conversation About Millennial Females and Money
PYMNTS
JULY 13, 2018
In 1974, women won the right to apply for and control their own credit card with the passage of the Equal Credit Opportunity Act. It has made the millennial generation of women — either entering or settling into their prime spending years — something of a unique class of citizens when it comes to financial services.
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Why Connected Consumers Crave Contactless Payments
PYMNTS
OCTOBER 1, 2019
The steady drumbeat of tech has brought purchasing from bills and coins to cards and contactless payments – done across all manner of devices and through pushes, taps, swipes and waves, at any time. Both groups show a similar interest in contactless payments – 43.4 percent of the bridge millennials and 42.2 percent, versus 25.9
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Key Areas Of SMB Finance Show Need For Improvement
PYMNTS
OCTOBER 8, 2018
Sixty-one percent of small businesses said they use commercial credit cards , a year-over-year decrease from 2017’s 71 percent. At the same time, more than two-fifths of survey respondents agreed that cash flow management is a daily concern, while more millennials said it’s a concern compared to their older peers.
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From BNPL to RTP, The Year In Payments Ends On Digital-First Note
PYMNTS
DECEMBER 24, 2020
Millennials have shown remarkable interest in these solutions, which allow consumers to finance purchases with specific terms when they check out online. Millennials lead in the early adoption of BNPL, especially older “ bridge millennials ,” or those aged 32 to 41 who tend to have more purchasing power than their younger counterparts.
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Despite Papyrus’ Closing, Stationery Retail Is Not All Doom-And-Gloom
PYMNTS
JANUARY 20, 2020
Papyrus parent company Schurman Retail Group had been attempting to renegotiate lease terms for its stores, but apparently not enough concessions were made to help save the company’s locations,” the report stated. Millennials to the Rescue. The chain had since expanded to some 260 or so retail locations. Brick-and-Mortar View.
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183 P2P Payments’ Rising Appeal Beyond Millennials
PYMNTS
NOVEMBER 6, 2019
bank account have access to Zelle in their mobile banking app,” Lou Anne Alexander, group president, payments solutions at Zelle operator Early Warning, said in a press release. Square also offers small business loans and has a Visa debit card linked to the app, which lets users treat it like a bank account.
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Using Payments To Keep Workwear Affordable For The Essential Workforce
PYMNTS
APRIL 29, 2020
Buy now, pay later (BNPL) solutions are well on their way to challenging credit cards as younger consumers’ deferred payment method of choice. Millennials carry two fewer credit cards than their Generation X counterparts, for example, and are the single-largest demographic group using BNPL solutions. Approximately 20.3
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2020 To Mark A Turning Point At The Point of Sale
PYMNTS
DECEMBER 31, 2019
shoppers “finally [beginning] to embrace mobile payments and contactless cards to pay in-store.”. That shift will be driven, in part, by more card issuance from banks, said Garg. Fagan predicted that contactless card adoption will also spur mobile wallet use. Here Come The Millennials.
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What The Trendsetters Say About How We Will Pay Next Decade
PYMNTS
SEPTEMBER 16, 2019
In the payments ecosystem, we need look no further than the bridge millennial for how the connected purchasing experience will evolve over the next decade. The group’s connected commerce behaviors are well-documented in the annual PYMNTS/Visa How We Will Pay 2019 study released just today. This group of 60 million U.S.
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Petal CEO: Using Cashflow — Not FICO — To Issue Credit Cards
PYMNTS
APRIL 4, 2018
For the 47 percent of Americans with prime credit scores, getting and using a credit card isn’t much of a problem. The problem, Petal co-founder and CEO Jason Gross told Karen Webster, is that it leaves around half of all Americans with only a few options: a credit card with expensive strings or no credit at all. Who Petal Serves.
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Consumers Are Embracing Premium Cards — Despite High Costs
PYMNTS
SEPTEMBER 13, 2016
Product hysteria is not the sort of thing that normally attaches itself to credit cards — but as scores of message boards and YouTube unboxing videos will attest, consumers are having a rather atypical reaction to the Chase Sapphire Reserve Card. It’s the best time in years to shop for a rewards card.”.
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Deep Dive: Realizing AP Automation’s ROI
PYMNTS
NOVEMBER 27, 2019
The following Deep Dive outlines automation’s benefits, its potential ROI for implementing organizations and how these solutions can recruit millennial workers. . It helps organizations realize early payment discounts, avoid unnecessary late fees and earn cash rebates on AP spend through virtual card and premium ACH programs.
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