Change in payment preferences of consumers who moved away from checks, cash and credit cards
DUBLIN, August 9, 2021 / PRNewswire / – The “2021 US Debit Card Market Annual Data Review: Unprecedented Double-Digit Growth” report was added to ResearchAndMarkets.com offer.
The dollar volume spent on debit cards in the United States rose 14% due to generous government benefits and a shift in payment preferences of consumers who turned away from checks, cash and debit cards. credit. This and other aspects of the current debit card market are examined in this report.
“The last year has seen a unique environment in the market where consumers have strongly shifted their payments towards using debit cards and because part of this shift has come at the expense of credit cards, this has been positive for debit issuers and, at the same time, positive for merchants, as credit card transactions are almost always more expensive to process than debit cards.,“comments Sarah grotta, Director, Debit Advisory Service and Alternative Products and author of the report.
Highlights of the report include:
- Historical overview of debit card purchase volumes and transaction totals for 2015-2020
- Comparison of debit growth with recent decline in credit card use
- Continued growth in card accounts driven in part by new and challenger banks
- Growth in card not present activity
- Commentary on the use of contactless
- A three-year forecast of the projected growth in flow and short-term influences that affect the forecast
- Where issuers are focusing their current investments on debit.
Main topics covered:
- 2020, the year that was
- 2021 and beyond
- Where debit issuers spend their resources
For more information on this report, visit https://www.researchandmarkets.com/r/w6pg9s
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SOURCE Research and Markets