MAP Newsletter - Winter 2024 - Flipbook - Page 10
Industry News
Continued from page 7
64% of shoppers used card-linked offers. Card-linked offers
especially attractive to budget-conscious shoppers. In fact, discounts
and rewards were key drivers of consumer interest in and use of these
offers. More than half of cardholders
were interested in switching to merchants that provided product-specific card-linked offers. Top spenders
were the most interested in using these offers: 65% of consumers Forty
percent said they were highly likely to use these offers for their holiday
purchases. Among millennials, 39% said they were highly likely to use
card-linked offers. This suggests that these consumers tend to have
higher household expenses and may be more budget-conscious.
Musk says x will be financial service hub by 2024. Elon
Musk reportedly expects X to transform into a payments super app by
next year. “When I say payments,
I actually mean someone’s entire
financial life,” Musk said during a
company all-hands call last week,
per a report by the Verge. According to the report, X CEO Linda Yaccarino
said the company sees this becoming a “full opportunity” in 2024. The
Verge noted that X is working on securing money transmission licenses
across the U.S. so that it can offer financial services, and Musk told
employees that he hopes to obtain the others X needs in “the next few
months.”
In-Store Checkout for iphone users up to 8%. Apple Pay
turns 9 today, and iPhone users who shopped in a store used it 7.8% of
the time to pay. That’s a jump from the 6% that we’ve seen over the last
several years, and Tap to Pay may be a reason why. But Apple Pay still
needs to work harder to persuade iPhone users who didn’t pay using it
92% of the time to give it a try.
Study: ‘Credit Marginalized’ relying on Overdrafts. Almost
half of the consumers with marginalized credit used overdrafts or
experienced transaction declines due to insufficient funds in their bank
accounts last year, according to a survey by PYMNTS. “People who live
paycheck to paycheck, millennials and the credit marginalized tend to
use overdrafts the most—and, at the same time, are the most vulnerable consumer groups,” the study states. –39% of the consumers who
said they were living paycheck-to-paycheck had overdrafts, compared
with 6.3% of those not living paycheck-to-paycheck.
10
“Cash Advance” remains
a vital branch service
Access to cash is crucial for consumers whether they are using traditional
banking services or not. Cash is the most used form of payment, with 93%
of consumers stating they have no plans to stop using cash. Therefore, the
“Cash Advance” channel remains important to meet member demand and
the need for credit unions to support the service in their branches.
Cash Advance services allows members’ to take out short term loans,
borrowing against their credit card’s credit limit to put cash in their pocket.
If you are a Visa approved provider to your members you must provide this
service to all member and non-members for Visa Cash Advance.
Member Access Processing (MAP) supports a credit union-friendly solution
for Cash Advance Services, Total Merchant Concepts (TMC). MAP’s decadeslong relationship with TMC has served our credit union clients with state-ofthe-art technology and legendary service and support.
•
State-of-the-Art Cash Advance Terminals: Cutting-edge terminals
come equipped with top-notch encryption technology, ensuring the
utmost safety for your members’ credit card information.
•
Comprehensive Support and Training: From hassle-free installation to
in-depth training sessions, our expert team is dedicated to helping
your Credit Union thrive.
•
Unparalleled Customer Service: At TMC, our legendary Service Representatives are just a phone call away, ready to assist you with any
inquiries or concerns.
Additionally, TMC’s comprehensive reporting system provides valuable insights into the performance of each branch, empowering the institution to
to make data-driven decisions. To learn more about Cash Advance services
and other Merchant Service offerings, contact Renee Myers at TMC, 888249-9919 or Renee@GetTMC.com.