NEW YORK, NY -- 06/20/08 --
Packaged Facts' fully updated report, Debit
Cards in the U.S., estimates that total debit card dollar volume was nearly
$1.4 trillion on over 28 million debit card transactions in 2007. The CAGR
over the 2003-2007 period totaled 19.5%, during which time the market more
than doubled. It does not appear that this industry will dull either;
Packaged Facts forecasts the market will accelerate through 2012, at a CAGR
of 13% in dollars and 14% in transactions.
So what is driving business? Just about all of the major issuers promote
the use of debit cards for automatic or manual payment of recurring bills.
Debit is being used more often than any other form of payment for such
everyday purchases as groceries, drug store items and gasoline since it can
now be used in small transactions, and in contactless or mobile ones,
without a signature.
Another factor affecting growth is incentive programs. Offering reward
programs is a trend that is likely to continue its steady momentum as banks
increasingly play in the decoupled arena, where reward programs, with or
without merchant participation, is a key customer-acquisition tool.
Customer segmentation is, more than ever, a crucial element in customer
acquisition and retention, well as product/service differentiation.
"As consumers migrated from paper payments to favor plastic, the debit card
industry has soared," comments Tatjana Meerman, Publisher of Packaged
Facts. "More banks issue cards; more consumers carry and use them, and
with greater-than-ever frequency. Unlike with a credit card, shoppers can
get cash back with certain debit purchases, to boot."
Packaged Facts' Debit Cards in the U.S., 3rd edition, examines new product
trends, offers competitive profiles of industry leaders, provides a
behind-the-scenes look into the financial framework facilitating debit card
usage, explores opportunities for further market penetration, and looks at
consumer trends and behaviors surrounding debit card transactions. For
further information visit:
http://www.packagedfacts.com/Debit-Cards-1607847/.
Packaged Facts publishes market intelligence on a wide range of consumer
industries, including consumer goods and retailing, foods and beverages,
demographics, pet, and financial products. Packaged Facts also offers a
full range of custom research services. For more information visit
www.packagedfacts.com, or contact Jenn Tekin at 240-747-3015 or
jtekin@marketresearch.com.
Contact:
Jenn Tekin
240-747-3015
jtekin@marketresearch.com
