PULSE issued its 10th annual study regarding debit card practices and consumer usage. Since the study was first conducted in in 2005, the average ticket size of a consumer debit transaction has come down by $3.00 but the average number of transactions has grown remarkably. The average annual spend on an active debit card is reported to be $9, 291.00:
The past decade saw a major shift in consumer preference to paying with debit cards, which accelerated after the 2008-2009 recession,” said Steve Sievert, Executive Vice President of Marketing and Communications for PULSE. “We believe there is still opportunity for debit growth, considering that consumer use of debit for smaller purchases is rising, and the average active debit card is used about five times per week.
As debit continues to dominate the share of traditional wallets, strategies will be needed to retain that position, least they become overshadowed by credit cards or checking account credentials stored in mobile wallets. Mobile is clearly a miniscule part of payment totals now, but it’s not too early to think about loyalty and rewards to retain debit’s top- of- mind position with consumers
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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