Millennials and Gen-Z embrace digital banking: a shift in banking preferences is apparent among individuals under 35, who favour managing finances via mobile apps and exhibit a threefold preference for mobile payments over traditional credit card transactions. This trend signifies an impending industry shift towards mobile-centric financial services as younger demographics mature and exert significant market influence.
Insights into cardholder disputes: the 2024 Cardholder Dispute Index delves into the primary reasons behind cardholder disputes. Factors such as transaction recognition difficulties and convoluted return processes emerge as the top reasons compelling consumers to initiate chargebacks, offering insights for merchants seeking to mitigate disputes.
Disputes vs. Refunds: while 72% of cardholders view chargebacks as a legitimate alternative to merchant refunds, a substantial portion initiates chargebacks without prior merchant contact. The report explores the underlying motivations driving this behaviour, showing aspects influencing cardholders' preference for chargebacks over direct refund requests.
Gradual growth in mobile wallet adoption: the report indicates a growing preference for alternative payment methods. Approximately one in five consumers opt for alternate payment modes, with mobile wallet apps such as Apple Pay and Samsung Pay gaining traction, especially among younger demographics.
Americans disputed USD 83 billion in credit card charges in 2023: the study highlights USD 83.5 billion worth of disputed charges in 2023, revealing an average of 5.7 chargebacks per cardholder, each valued at USD 76. This figure prompts contemplation about the prevalence of fraud, merchant abuse, and evolving consumer behaviour impacting the chargeback process.
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