Debit usage has become increasingly popular in recent years, with more and more people choosing it over credit when making purchases. Debit cards work by deducting the amount spent from a linked bank account, making them a convenient way to keep track of spending and avoiding the accumulation of debt. In addition to their ease of use, they are widely accepted and generally have lower fees than credit cards.
Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left of your screen to receive notifications as soon as the episode publishes.
Data for today’s episode is provided by Javelin Strategy & Research’s Report: 2023 Annual U.S. Debit Card Market Data Review
Debit Card Utilized for any Payment in Last 12 months
- 70% of Gen Z
- 64% of Millenials
- 64% of Gen X
- 61% of Baby Boomers
- 37% of the Silent Gen
About Report
The 2023 Mercator Debit Card Data Book assembles the most important metrics for debit card managers. It projects major trends and presents a case that debit cards and alternative payment products will survive in an economic downturn and continue to serve as a prime payment vehicle for households.
Debit growth was solid in 2022 and projects to remain so. It is durable as the preferred payment for everyday items, such as food, fuel, and bills. As economic conditions worsen and as new payment forms come on line, including the launch of FedNow, it should remain in favor as standalones or as preferred cards in electronic wallets.
