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18/12/2009 -
The recessionary shift away from revolving credit - such as credit cards - and toward other forms of electronic payments, such as debit cards, could significantly change the payment processing industry as a whole, reported industry news website Digital Transactions.The article noted that despite an increase in credit card rewards programs and stronger chargeback protections, consumers have shied away from credit in order to have more control over their finances during the recession, and this trend may become more long-term.
The likelihood of that happening is difficult to predict, but demographics may be another indicator - the article cites data from Mercator Advisory Group which found that younger consumers have a slight preference for debit cards over credit cards.
If this shift away from credit card processing and toward debit card processing becomes more stable, it could significantly impact the payment processing industry, as the traditional merchant services offerings revolve around credit card processing, said the article.
This data reinforces the suggestion that has been prevalent among industry experts in recent years, which is that merchants are encouraged to have many different kinds of payment processing capabilities in their merchant services package in order to best meet consumers' needs.
