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11/02/2010 -
Businesses are not the only ones struggling in the recession - banks and financial institutions are having a tough time as well. Consequently, banks are expected to increase their rewards programs and marketing efforts, especially with debit cards, said a recent report - a trend that will also provide benefits to businesses whose merchant services include debit and credit card processing.A recent report from Mintel Comperemedia projected that credit and debit card reward programs will increase in 2010, as will cash incentives and other customer loyalty measures.
Furthermore, banks are expected to capitalize on the growing popularity of debit cards through a debit marketing push.
"I expect we'll see more aggressive debit card marketing this year because banks are using debit fees to increase revenue," said Susan Wolfe, vice president of financial services for Mintel Comperemedia. "Direct mail may not increase, but I expect to see more cash incentives and other perks that encourage debit card usage."
As consumers are given more incentives to use their credit and debit cards, overall electronic payment processing activity should increase for merchants in turn, so businesses are encouraged to make sure their POS terminals are up-to-date.
