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22/12/2009 -
The recession has not just changed how much people spend - it has also changed how people spend, something that could have significant implications for the payment processing and merchant services industry. With credit more difficult to come by, personal finances a bit more stretched and the need for financial responsibility even greater, many customers have changed their purchase habits this holiday season, the Associated Press reported.
"People are trying a lot of new behavior in how they're spending and how they are paying for it in response to a very scary economy," Bill Hampel, chief economist at the Credit Union National Association, told the news agency.
Consumers are shifting away from credit card processing and toward debit card processing, are paying with cash, and are even using layaway programs, said the news agency.
Another interesting trend seen this year was that customers set aside money for gift cards for themselves months before the holiday season started - potentially as early as the summer - for use in their holiday gift purchases, the AP reported.
The shift to debit card processing and this creative use of gift cards both point to the increasing need for merchants to offer a variety of different types of payment processing.
