Growth in consumer spending via electronic payments like credit cards, debit cards and mobile wallets more than doubled year-over-year from the third quarter (Q3) 2017 to the third quarter (Q3) 2018, according to new analysis from the Electronic Transactions Association (ETA) and The Strawhecker Group (TSG). The ETA/TSG U.S. Spending Snapshot, released today, found overall spending via electronic payments in Q3 2018 grew 7.2 percent, more than doubling Q3 2017’s year-over-year growth rate of 3.5 percent.
“The third quarter of 2018 proved to be another strong period for electronic payments, as U.S. consumers continued to see economic benefits from tax reform and strong personal income growth,” said Jared Drieling, Senior Director of Business Intelligence at TSG. “Despite the rise in year-over-year gas prices during this time period, consumers remained confident and channeled their spending on discretionary items, as evidenced by the growth in retail categories.”