The Velera Payments Index October 2024: A Deep Dive into Money Services

Summary: Our October 2024 edition of the Velera Payments Index shows that consumer spending further softened in September, with decreases for both debit and credit. Influencing the lower consumer spending were regional impacts from Hurricane Helene in the southeastern states, namely Florida, North Carolina, South Carolina, Tennessee and Georgia, and the continued impact of lower gasoline prices. In much anticipated news, the Federal Reserve cut interest rates by a half-percent in September and may be close to delivering an “economic soft landing.” In this edition, we also share a Deep Dive into Money Services, which includes mostly peer-to-peer (P2P) payments.