These electronic breadcrumbs can then be used to target consumers to buy related items down the road.Ĭonsumers, especially those using credit cards, should also be wary of overextending their budgets when transacting in non-traditional ways due to the ease of transacting.Īnd credit cards can carry high interest rates that may pose financial traps for the unwary. law doesn't limit the personal information institutions can collect about consumers and what they can do with that data.ĭepending on their privacy policies, certain businesses can gather information about what consumers buy, where they buy it and how much they're spending when transactions are done via card or electronic means. However, those benefits come with a few drawbacks - namely privacy, Grant said.įor the most part, U.S. "If you can give consumers the same experience but it saves them 15 seconds, they'll take that all day," Thacker said. Merchants don't have to count out change for each customer paying with cash. Consumers can set up recurring bill payments and account transfers. Many stores have reduced barriers to using credit cards, such as forgoing minimums on transactions.ĭigital and card transactions are often easier and speedier, experts said. Banks have debuted contact-less debit, allowing customers to transact with cards even faster than with the standard swipe or chip reader. The trend away from cash and checks has been going on for awhile, but consumers are increasingly being pushed to transact in non-traditional ways, Grant explained.Ĭard companies entice consumers with the promise of travel rewards and cash back.
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