Primax Payments Pulse:
Spring 2025 Spending Report

The Primax Payments Pulse: Spring 2025 Spending Report compares year-over-year, same-store financial institution data and provides a three-month view of consumer transactions and trends through the first quarter of 2025, including a deep dive into the ongoing trajectory of Digital Payments.

Key takeaways from this special edition report include:

• The consequence of tariffs on consumer spending could have a profound impact on 2025 payment results, with mixed thoughts on timing. Price increases could begin to materialize in the coming weeks, while others could take a few months depending on supply chain constraints. We will monitor changes in consumer discretionary spending, as tariffs could impact non-discretionary spending in basic categories like supermarkets, drug stores and discount stores.
• Softer growth rates were apparent for the first quarter of 2025 for both credit and debit, with debit outperforming credit. Debit purchases were up 4.2% and credit purchases were up 0.6%. Debit transactions were up 1.7% and credit transactions were up 0.8%. The Money Services and Services sectors were the largest contributors to growth for debit and credit, respectively. The Goods sector was the top contributor to growth in both credit and debit transactions.
• Over 40% of all transactions were digital (41% debit and 46% credit) for the quarter ending March 2025. For the same timeframe, at least half of all card purchases were digital (51% debit purchases and 56% credit purchases).
• Digital wallets continue to grow in popularity, with 8% of all debit transactions (CP & CNP) taking place via a digital wallet and 5% of all credit transactions (CP & CNP) via a digital wallet for the January to March 2025 timeframe.

Download the full report for more key findings from the first three months of 2025.