Industry, Banking Industry Statistics, Credit Card Statistics, Financial Cards,
Credit Card Industry Analysis, about Credit Card Transactions
18 to 35 year olds Largest Users of Bankcards, and Checkcards according to Visa and Master Card polls NEW YORK, NY -- AXcess News has released a story covering the rise in debit card use that focused on the newer technologies and the businesses that were deploying them. Last week consumers saw a new era in handling financial transactions take place when the Check 21 Act became effective. The Act represents a tremendous step in bank automation and brings banks a new level of efficiency, and the opportunity to save millions in check clearing costs. The Act will save banks $2 billion annually by not having to send checks bank-to-bank. Instead, banks are able to handle transfers electronically. Merchants would swipe a check through a terminal and those funds would immediately be removed from that account, which is great for merchants but takes away the float consumers saw while waiting for the check to reach their bank. But consumers who've become accustomed to debit cards will be more likely to use them over writing checks if they know the funds are going to be withdrawn from their account immediately. According to Harris polls conducted for both Visa and Master Card over the last several years, a growing trend in using debit cards has been taking place with the 18 to 35 year olds showing the greatest growth. Debit cards are also being used in non-bank applications, such as medical insurance co-payments and even barter. Source: AXcess News | |||
