More people used credit and debit cards online to make holiday purchases this year.
During the five days from Thanksgiving Day through Cyber Monday, 27.5 percent of credit card transactions process by CO-OP Financial Services came via online and mobile purchases, according to data from the payments and technology firm. That is up from a quarter of purchases for the same period last year, according to CO-OP data.
Debit transactions that occurred through online and mobile systems increased from 14.8 percent to 16.6 percent from Nov. 22 to Nov. 26, according to CO-OP.
“Data helps us spot patterns, identify trends and get an overall better idea of the ways card-holders rely on their credit union-issued payment tools,” Todd Clark, president and CEO of CO-OP, said in a statement. “With that intelligence, we can provide more meaningful insight to our credit union partners, helping them design the kind of personalized, predictive experiences members are increasingly looking for.”
The data from CO-OP also revealed that cardholders tend to spend more per transaction when they are shopping online. From Thanksgiving to Cyber Monday, the average electronic transaction made with a credit card was about $100, but only $77.84 for in person purchases. For debit card transactions, the figures were $54.80 for online purchases and $40.70 for in-person transactions.
Moreover, the average total spent by cardholders also rose this year. Credit card users spent an average of $292 over those five days, up almost 20 percent over last year’s average. Debit cardholders spent an average of $210, up 11 percent over the same period in 2017.
