DES MOINES, Iowa—Credit and debit card usage was up significantly during the recent Thanksgiving holidays.
During the five-day shopping period from Nov. 25 through Cyber Monday, TMG is reporting that the number of credit card transactions made by credit cardholders of TMG financial institution clients over that period was up 53% year over year; debit transactions were up 44%.
“Some of this increase can be attributed to the growth in the number and size of TMG's financial institution partners,” the company said.
According to TMG data, digital wallets continue to struggle to gain traction with consumers, as less than 1% of the holiday transactions were conducted via tokenized transactions.
The average spend of TMG credit cardholders was up 7%. Average debit cardholder spend was up 8%.
Card not present sales accounted for nearly a quarter of the total holiday weekend credit and debit card transactions processed by TMG, similar to 2015. Cyber Monday had the largest share of CNP sales (30%) over the five-day period. On that day, credit cardholders had an average transaction amount of $90 online, significantly higher than the prior four days—with per-day averages ranging from $73 to $83.
This was also true for debit cardholders, who had an average transaction amount of $66 online, higher than the prior four days—with per-day averages ranging from $49 to $58.