March 8, 2018
Bank of America released data recently on the spending habits of its 50 million credit and debit cardholders and nearly one-third of all retail transactions came through card-not-present channels. Twenty-one percent of all transactions completed in 2017 using a Bank of America-issued card were made online, up from 19 percent from 2016. POS transactions fell three percent from 2016 to 2017, settling in at 73 percent of transactions. Six percent of transactions were attributed to other CNP channels (recurring purchases or mail order/telephone orders).
B of A cardholders were especially likely to use their cards online for entertainment purchases, the company said. Nearly 60 percent of transactions for things like amusement park passes, movie tickets/rentals and tourist attractions purchased using the bank’s payment cards were made online. Only 16 percent of those transactions were at a physical point of sale. And, while online is making some inroads in the grocery and restaurant categories, 96 percent of those transactions were still made at the POS.
Other online heavy categories were food delivery and travel, while three-quarters of clothing purchases happened in stores.