Debit cards are a global phenomenon, with billions of people using them every day to make purchases and withdraw cash. Although they are incredibly convenient, debit cards can also be a source of financial stress if they are not used responsibly. Overdraft fees and other charges can quickly add up, making it difficult to keep track of your spending. And if your card is lost or stolen, you may be liable for unauthorized transactions.
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Data for today’s episode is provided by Mercator Advisory Group’s Viewpoint: Russian Credit Cards Will Lose Relevance as Their Economy Tumbles
Countries with One or More Debit Cards Per Person
- China has an average of 5.83 cards per person.
- Japan has an average of 3.62 cards per person.
- Korea has an average of 3.23 cards per person.
- Brazil has an average of 2.14 cards per person.
- Russia has an average of 1.82 cards per person.
- The U.K. has an average of 1.42 cards per person.
- Mexico has an average of 1.24 cards per person.
- The U.S. has an average of 1 card per person.
Russia was primarily a cash economy until 2012, when payment cards began to displace cash. Recent global events indicate that domestic card usage will continue, with growth in debit transactions, but credit card volumes will languish.
Russia’s domestic payment scheme will keep transactions flowing within the country. Still, it faces challenges in global acceptance and will not be capable of supporting a robust credit card function as the economy weakens as a result of the international sanctions.