“First Data Study Re-Confirms Debit as the Fastest Growing Payment Method; Transaction Volume Increases When Choice is Offered”
DENVER, Aug 01, 2006 (BUSINESS WIRE) — Having the option to make payments via PIN or signature debit increases the number of transactions consumers make monthly, according to a recent survey released by First Data Corp. (NYSE:FDC). The STAR(R) Consumer Payments Usage Study, conducted by an independent research firm, found that consumers who use both PIN and signature debit at the point-of-sale (POS) conduct an average of nearly 23 transactions per month versus 14 for those who solely use signature and 10 for those using only PIN.
“By the responses provided in this study, along with other independent research, consumers have made it clear they prefer businesses — from their doctor’s office to the movie theater — to offer a variety of electronic payment options,” said Ron Congemi, senior vice president, Strategic Industry Relations, First Data. “It’s important for retailers to promote consumer choice and for financial institutions to provide consumers with the features and products to meet their preferences. Doing so will help attract new customers, increase revenue and enhance customer retention.”