PayPal shreds light on purchasing behaviors of credit card rewards holders during the COVID-19 pandemic
According to a survey, 29% of Americans are turning to rewards balances to help them stretch their budgets and buy the essentials.
At the same time, 39% of credit card rewards holders unaware of their rewards balances.
However, it creates an opportunity for more people to uncover funds which could extend their budgets.
The study also reveals that 30% of credit cardholders say reward balances are useful to fund everyday spendings, such as groceries, gift cards, and clothing.
Meanwhile, 64% of respondents think reward balances are as valuable as spendable cash.
The research also found that 74% of credit cardholders have made an effort to shop more at locally owned, small businesses since the outbreak.
We’ve reported that PayPal and PruPay team up to launch an easier way for merchants to request one-time payments from consumers via text messages. The new development provides a control panel that allows employees to enter payment requests, without accessing to merchant banking information.