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15/09/2009 -
In a trend that will likely be echoed across the border, American payment volume declined less in August than it did in July as debit card volume continued its two-month increase, according to Visa.The credit card company reported that total credit and debit card payments decreased by 1 percent in August compared to the previous year, an improvement over July's decrease of 2 percent.
Although credit card volumes decreased by 10 percent in August, debit volumes increased by 7 percent on a year-over-year basis, continuing the 4 percent growth seen in July.
Robert Dodd, an analyst at Morgan Keegan & Co., told Reuters that these numbers are line with his predictions.
"There have been some signs that you hit and passed the bottom, and generally it makes me feel better about the card market as a whole," he told the news provider.
As consumers continue their increased use of debit cards - largely due to a desire to have greater control of their finances thanks to the recession - it becomes even more important for merchants to accept debit cards as well as credit cards in their stores.
