The Psychology of Payments: Understanding Your Member’s Mindset to Achieve Long-term Growth

As part of our CU Growth Outlook research in partnership with Mastercard, Velera (formerly PSCU/Co-op Solutions) sought to understand when, where and why consumers use credit or debit when paying for goods, services and experiences, including the challenges they face and even the psychological factors that influence their purchasing and financial decisions. 

In this special report, we use a behavioral science approach to understand the reasons—conscious and unconscious—that influence payment choice, and helps us identify the best ways to guide our members’ behavior. This is the first step to capturing your members’ primary financial interactions. 

We cover the following: 

• Exploring the Budgeter and Non-budgeter Mindsets
• Credit vs. Debit: The Psychology of Occasion
• Beyond the Buzz: Personalization is the Key to Engagement
• Putting Your Member’s Mindset to Work for Your Credit Union
• Addressing Mindset Throughout the Member Lifecycle

Please complete the form to access the full white paper.