Industry, Banking Industry Statistics, Credit Card Statistics, Financial Cards,
Credit Card Industry Analysis, about Credit Card Transactions
The Debitcard Boom - Dove Research Statistic Report While debit cardholders may have some confusion about how to best use their cards, it hasn't slowed down their usage which is growing at 35% compounded annually. Where Consumers Use Check cards Grocery stores are the most popular place to use a debit card, accounting for almost one out of every four transactions. But when consumers swipe their cards, three times as many punch in a PIN number.
Three years ago, cash was king, used in 39% of all purchases, while credit and debit cards accounted for 22% and 21%, respectively, according to Dove Consulting. By last year, debit-card usage had surged, eating away at both cash and credit's share as a type of payment. In 2001, Dove statistics show debit accounted for 26% of all purchases, while cash's share shrunk to 33%. "Debit cards are the fastest-growing consumer product in the history of Visa," says Stacey Pinkerd, senior vice president at Visa. "Over 115 million people carry a Visa-branded debit card, with 60 million to 70 million using it every month." Consistent with previous Star surveys, conducted annually, 51 percent of consumers prefer PIN-secured debit payment, versus 28 percent who prefer signature transactions. More than four out of five U.S. accountholders (82 percent) have an ATM/debit card, and 86 percent of users made a card purchase in the past 30 days. ATM/debit card usage is relatively consistent across regions in the U.S., according to the survey. Source: Dove Consulting | ||||||||||||||||||||||||||||||||||||||||||||||||||||
