NEW YORK—Major U.S. card issuers reported explosive payments growth in Q3 compared with the previous quarter.
Bank of America credit and debit purchase volume increased 21% year over year in Q3. JPMorgan Chase Q3 credit and debit card sales volume surged 26% year over year, Business Insider reported.
Citi card purchase sales volume in Citi’s global consumer banking segment jumped 20% YoY in Q3. Wells Fargo Q3 credit card point-of-sale volume grew 24% YoY.
“Many consumers found themselves in a better financial position this quarter than they were last year, which may have increased their willingness to use credit cards. Issuers likely saw an opportunity to capitalize on improving economic conditions and introduced a bevy of new and revamped card products with a focus on flexibility and rewards, a main attraction to credit cards,” Business Insider said.