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04/01/2010 -
There were many changes to the payment processing industry over the past decade, but one of the biggest involves something that many consumers now do not give a second thought - debit cards.According to David S. Evans, writing for the payment processing industry news website pymnts.com, the development and growth of the debit card was one of the decade's top five greatest developments in payments.
Evans cited reports showing that debit cards occupied a fraction of the payment processing market in the nineties, and have now surpassed credit cards in usage.
He attributes much of this growth to Visa, whose aggressive marketing campaigns and low-cost transaction deals with merchants helped encourage debit card adoption.
Analysts have also cited the recession as a driving factor in debit card use, as consumers look to become less dependent on credit and have more control over their finances.
Whatever the reason, the growing use of debit cards - something that Digital Transactions recently projected would be a long-term trend - suggests the importance of including debit card processing in a business' merchant services offerings.
