Wide coverage of Mercator’s recent consumer data report regarding consumer’s adoption and use of debit cards continues with a report in LowCards.com. This article highlighted our findings that some consumer segments are experiencing less debit card usage:
Debit card use among young adults and high-income earners (people with incomes over $100,000 per year) has dropped to a seven-year low, with young adults at 56% and high-income households at 52%. The national average, by comparison, is 59%.
One of the sited reasons for this decreased use is tied to fraud concerns, and a correlating increase in the interest in card controls:
42% of all consumers reported an interest in mobile-based debit card controls to prevent fraud and monitor account finances. 55% of young adults showed interest in this feature, up from 48% last year. 51% of debit cardholders who choose not to use their cards showed interest in mobile account controls, compared to 43% of cardholders who do use their cards.
It’s not surprising, then, that there was also coverage of another financial institution rolling out card control features to its debit card cardholders.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
Read the full story here