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20/11/2009 -
In a trend that is likely being seen in Canada as well, debit cards will be the dominant force in U.S. holiday payment processing, said a new study.According to the National Retail Federation's 2009 Holiday Consumer Intentions and Actions survey, conducted by BIGresearch, debit cards will be the most common form of payment processing during the upcoming holiday shopping season, with 42.5 percent of shoppers choosing debit or check cards. This represents an increase of 2.5 percent since last year.
The use of debit cards far outpaces that of cash, at 24.9 percent of responses, as well as credit cards at 28.3 percent.
For merchants that need to update their POS terminals to include debit card payment processing, it is not too late - the survey also found that more than half of shoppers (52.4 percent) have not yet started their holiday shopping.
The increased use of debit cards is not restricted to the holidays, and seems to have become a larger trend - Visa's latest earnings report showed that debit card payment processing was largely responsible for the company's quarterly profit increase, while a recent Nilson Report found that debit cards have overtaken credit cards in usage popularity for the first time.
