Primax Payments Pulse:
Spring 2024 Spending Report

The Primax Payments Pulse: Spring 2024 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 2024, including a deep dive into the upward trajectory of Digital Payments.

Key takeaways from the Spring 2024 Spending Report include:

• Apple Pay continues to dominate the digital wallet space, accounting for 93% of digital wallet debit transactions and 89% of digital wallet credit transactions.
• Digital payment purchases now represent more than half of overall purchases for credit and half of debit cards. Physical card activity softened, making way for contactless card “tap and go” growth, now representing 17% of all credit card transactions and 10% of all debit card transactions.
• Growth rates for debit activity remained stronger than credit activity in the first quarter of 2024. Debit and credit purchases were up 4.2% and 0.4%, respectively, while debit transactions increased 3.3% and credit transactions increased 2.2%.
• The Consumer Price Index (CPI-U) increased slightly in March, with Shelter and Gasoline contributing to more than half of the increase. Excluding the volatile Energy and Food sectors, the core CPI index increased 0.4% from February.

Download the full report for more key findings from the first three months of 2024.