🎧 Shifting Trends: Credit Cards and P2P Payments Take Center Stage | PaymentsJournal

In this podcast, Velera's Tom Pierce, Chief Marketing & Communications Officer, and Norm Patrick, Vice President of Velera’s Advisors Plus, chat with Brian Riley, Co-Head of Payments for Javelin Strategy & Research to discuss the recent Eye on Payments study.

This recent study showed a significant shift in payment preferences among credit union members, particularly among younger generations. Credit cards have overtaken debit cards as the preferred payment method, with 37% of respondents choosing credit at the point of sale. Half of Millennials and Gen Z applied for a credit card in the past year. Additionally, mobile wallet usage has surged from 27% in 2022 to 50% in 2023, and peer-to-peer payment methods have more than doubled, rising from 12% to 25% as a primary payment method.

The study also highlights the increasing importance of card design and user experience, particularly for younger consumers with 82% of GenZ citing card design (including material, aesthetics, and features like contactless payment) as a key factor in decision-making. The study's experts emphasize the need for credit unions to adapt to these changing preferences by offering quick card application processes, attractive reward structures, and designs that appeal to younger age groups. This approach is crucial for credit unions looking to attract and retain younger members in an evolving financial landscape.

At Braviant, we strive to meet customer’s needs by creating customer-focused experiences and solutions.

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⚖️ CFPB Finalizes Rule on Overdraft Fees for Large Financial Institutions | Consumer Financial Services Law Monitor, Troutman Pepper

The Consumer Financial Protection Bureau (CFPB) has finalized a groundbreaking rule targeting overdraft fees at financial institutions with over $10 billion in assets. Starting October 1, 2025, banks will need to either cap overdraft fees at $5 or base them on actual costs and losses. The rule introduces critical consumer protections, requiring institutions offering overdraft credit to provide transparent disclosures, give consumers choice in repayment methods, and treat overdraft credit more like traditional lending products.

Troutman Pepper dives into the new rule and its potential challenges & implications. Financial institutions will need to closely monitor these developments and prepare for potentially significant operational changes in how they manage overdraft services.

At Braviant, we’re addressing this rule change as we always do. We are proud of our ability to find and implement strategies that satisfy regulatory mandates while simultaneously serving customer-first solutions. 

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📊 Cash-Strapped Consumers 3.5 Times More Likely to Use BNPL | PYMNTS

New PYMNTS Intelligence research reveals a stark financial reality: Over one-third of U.S. consumers are struggling with cash flow shortages, driving significant shifts in financial behavior. Millennials and lower-income households are hit hardest, with 17% experiencing frequent cash flow issues compared to just 6.6% of baby boomers.

Buy Now, Pay Later (BNPL) is emerging as a critical financial lifeline. Cash-strapped consumers are 3.5 times more likely to use BNPL than financially stable individuals. The data highlights a critical paradox: Those who need credit most often face the greatest barriers to traditional lending, forcing them to seek innovative alternatives to manage everyday expenses.

At Braviant, we feel it is more important than ever to continue striving towards accomplishing our mission of providing convenient credit access to those who need it most. 

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