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05/01/2010 -
Debit and credit card processing are becoming the dominant players in the payment processing industry, according to a report from the Federal Reserve Bank of Boston.The report - which details consumer spending behavior in the U.S. but is likely representative of a larger, North American trend - found that consumers pay an average of 52.9 percent of their monthly payments with credit, debit or prepaid card, Digital Transactions reported.
"Traditional paper-based payment instruments have been giving way to new payment instruments that have emerged from innovations in information and communication technologies as well as from innovations in financial markets," Digital Transactions cited from the report.
The report also found that, despite recent forecasts of growth in the prepaid payment processing sector, credit and debit cards still dominate prepaid by a long shot - 70 percent of consumers surveyed use a credit or debit card each month, compared to 6 percent for a prepaid card.
These varying levels of adoption - and the larger shift toward electronic payment processing - reinforce the need for businesses to include all types of card processing in their merchant services, to enhance their ability to serve all customers.
