News
Payment cards gain in QSR popularity
June 20, 2007
SAN FRANCISCO —According to a survey commissioned by Visa, 82 percent of respondents said that quick-serve restaurant purchases made with debit or credit cards are more convenient than cash. And 68 percent say using payment cards is faster than paying with cash.
One in five survey respondents also said they use cards to pay for more than half of their purchases at QSRs.
Although payment card purchases at QSRs are on the rise, survey respondents expressed a willingness to use their cards more often and said they would make additional purchases with their cards if: they could get through lines faster (30 percent); they had the opportunity to earn rewards or free meals (28 percent); more locations accepted payment cards (27 percent); and they could swipe their own card (27 percent).
Other survey findings include:
- 84 percent of respondents said payment cards allow them to track spending.
- 82 percent said funds are always accessible with cards, so it's not necessary to plan ahead to get cash.
- 77 percent said when using a payment card at a QSR, they can get exactly what they need because they're not limited to the cash on hand.
The QSR segment represents more than $160 billion in spending, with more than 80 percent of transactions conducted in cash, according to Visa.In the twelve months ended March 31, the number of Visa card transactions at quick-service restaurants increased 31 percent. Debit card usage at quick-service restaurants during the same period grew 32 percent over the previous year.
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