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12/08/2009 -
As consumers are becoming more scrupulous with their finances, debit cards have become increasingly popular, said the latest Nilson Report.The Wall Street Journal cited Nilson data which found that 58.2 percent of card transactions come from debit cards, compared to 41.8 percent from credit cards.
The study also found that debit cards currently represent 38.3 percent of total card dollars spent, compared to 26 percent in 2002.
The Journal attributes this increase in debit card use not only to personal finance behavior shifts but also due to the credit crunch, which has made it harder for consumers to access lines of credit.
As debit cards continue to increase in usage, it becomes even more important for merchants, restaurants and other businesses to accept all types of payment cards, to avoid having to turn away customers who can only pay with a certain type of card.
In addition, debit cards tend to have lower interchange fees than credit cards, so the rise in debit card usage will likely mean fewer fees for merchants.
Businesses can control their interchange fees no matter the type of payment card by choosing merchant account providers that offer competitive interchange rates.
