TAMPA--While consumer sentiment continued to erode in January, actual consumer spending remained resilient, reported Velera, citing its February edition of the Velera Payments Index.
The CUSO noted there was no change in the positive trend from January results, with year-over-year growth for both transactions and purchases.
The report includes a deep dive into buy now, pay later activity.
“Members are telling us they want BNPL to work with the money they already have, not around it,” said Angel Siorek, vice president, product management Velera. “Every time a payment flows through a third-party BNPL app, the credit union loses a little visibility into the member’s day‑to‑day financial life. When credit unions bring BNPL into their own digital experience — including wallets like Apple Pay — and use member‑centric criteria, they can keep those payments in their ecosystem and turn installments into a tool for engagement and financial wellness, not just another checkout option.”
Key takeaways for January include:
- Growth in transactions and purchases for January continued at the same pace, proving the resilience of consumer activity. Debit purchases increased by 6%, with the Money Services and Services sectors accounting for 70% of that growth. Credit purchases were up 2.5%, with the Goods and the Service sectors accounting for 60% of the entire increase. For January, debit transactions were up 3.4% and credit transactions rose by 2.4%
- BNPL payments and transactions facilitated by cards grew by 22% and 12%, respectively, for the top BNPL merchants over the last year; however, growth gradually slowed throughout 2025
- CPI rose 0.2% in January, with the 12-month inflation rate easing to 2.4%; shelter and food were the primary drivers of the monthly increase
- Stronger-than-expected job growth may impact the likelihood of an interest rate reduction at the next FOMC meeting, which concludes on March 18
The full report is available for download here.