Debit cards have many advantages over other payment types. Particularly for younger, lower-income individuals, debit is a great choice for managing costs, managing risk, and the need for convenience. Compared to credit, debit has no risk of debt, no risk of a negative credit score impact, no annual fee, and no interest charges. What is the breakdown by age for debit card usage for online digital content?
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Data for today’s episode is provided by Mercator Advisory Group’s Report: Consumer Payment Choice: Understanding Debit Card User Preferences
Top Debit Card Usage for Online Digital Content by Age Group
- 27% of 18-24 year olds use debit card for online digital content
- 23% of 25-44 year olds use debit card for online digital content
- 16% of 45-64 year olds use debit card for online digital content
- 11% of 65+ year olds use debit card for online digital content
About Report
Mercator Advisory Group’s report, Consumer Payment Choice: Understanding Debit Card User Preferences, pulls from a wealth of primary data to form an overview of the typical user. Looking at consumers who indicate a preference for debit transactions, the report reveals key demographic traits of those most likely to rely on their cards.
The report then goes on to explore the many use cases, providing insights into the consumer segments most likely to use debit in particular circumstances. Embedded within this analysis are recommendations for debit card issuers and processors intended to support customer engagement and debit utilization.
