OMAHA, Neb., Aug. 25, 2021 /PRNewswire/ — New market data published by The Strawhecker Group (TSG), the largest analytics and consulting firm focused on the payments acceptance industry, illustrates the strength of the U.S. economy. TSG data shows that July year-over-year consumer spending on credit and debit cards was up 21% nationwide. Further, when compared to July 2019 to adjust for the influence of COVID, spending was up nearly 20% when looking at a two-year compound annual growth rate (CAGR).

“The two-year comparison shows that the tailwinds to the U.S. economy as well as the payments industry are apparent and material. Increased merchant acceptance and consumer usage when paired with strong economic growth, combine to show attractiveness of these markets” said Mike Strawhecker, President of TSG. “Consumer spending comprises 70% of the United States’ GDP, and 70% of consumer spending is electronic. This underscores the point…

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