The modified consumer payment habits driven by the coronavirus economy have a long-term impact on financial services payment strategies. Multiple card payment changes occurred from 2019 to 2020, both in funding methods and in usage channels. To meet consumer needs and maintain a comprehensive payment strategy, financial services need to adapt as new payment habits become permanent. 

This report is the second in a series covering payment impacts due to the changes in payment behavior. This report focuses on how payment habits affect the total cost of ownership of a card program and what is required for maintaining digital top-of-wallet status. 

Key questions discussed in this report:

• What are the primary payment habit shifts made by consumers as the coronavirus pandemic affects the U.S. economy?
• How do payment card usage changes affect the total cost of owning and managing a card payment program?
• What steps do financial services organizations need to take to prepare for the next 18 months in remaining relevant to consumers?