Roswell, GA -- (SBWIRE) -- 12/30/2016 -- By now, everyone knows December is the month of spending a lot of money on gifts. Throughout the years, billions of dollars have been sent on holiday shopping during the seasonal days. Of course, the payment methods have also been varying throughout the years. While it's immensely difficult to analyze this entire evolution, we can say with certainty that chip cards are dominating this year's holiday shopping.
Apparently, this tendency began a day after thanksgiving, on Black Friday. Per a Boston payment provider, 55% of the payments were made with a chip card. Per this company, an approximate of 935k transactions were evaluated to come up with this result. 0.6% of these transactions were made with mobile payments (we'll leave that for a different story).
We also have information from Visa Inc, as they have said 36% of the stores in the United States are currently accepting chip cards. Furthermore, they've stated that 373 million cards with the VISA trademark are currently circulating in United States.
It's also worth to mention the fact that the usage of chip cards widely varies depending on the size of the retailer. Customers who bought their products at large retailers used chip cards as much as 75% of the time. On the other hand, only 52% is the number when we're talking about small retailers. So, it is safe to say the size of the retailer and its position on the market has a huge influence on the amount of times their customers use chip cards. Of course, this makes a lot of sense, as larger retailers are way more exposed to fraudulent transactions. With that in mind, they put a lot of effort into coming up with safer payment methods for their customers.
It's also worth to mention that E-commerce has seen a huge growth as well when compared to its last year's activity. In 2015, only 18.3% of the Black Friday purchases were done online. This year, that number rose to 24.7%.
We can assume days like Black Friday or Thanksgiving will do nothing but continue to produce more and more revenues in the following years. The question is whether the payment methods used will show a significant change one or two years from now. Unfortunately, only time will tell us. All we can do now is sit down, spend, and wait until December arrives once again.
To learn more about Netcom PaySystem payment processing solutions, simply fill out a quick online application at http://www.netcompaysystem.com to get started and a representative will be in contact within 24-48 hours or for faster service please feel free to contact us at 800-875-6680.
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