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Title: Debit Cards in the U.S.
Published: May 2006
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The following is the abstract from the full report:As the market for consumer credit cards grows increasingly saturated and competitive, and as consumers in the U.S. begin to bring their stratospheric rates of credit card use under control, financial institutions are scrambling to make up for lost revenue with other consumer payment products. After years in the shadow of credit, debit cards have truly broken out—evolving from bare-bones tools to become the feature- and reward-laden payment method of choice for millions of Americans. Merchant acceptance of debit cards has grown at a rapid rate, making consumers increasingly willing and able to abandon paper checks, and even cash itself, for the convenience of debit. Yet for debit card issuers and other market players, profit and success can be harder to come by and to quantify than in the credit realm. A half-dozen variable fees change hands behind the scenes of every debit transaction; merchants have grown increasingly litigious over interchange and discount rates; and issuers are struggling to maintain profits in order to fund highly desirable rewards programs.
This Packaged Facts report focuses on the U.S. market for debit cards, which surged past $800 billion in signature- and PIN-based transaction volume in 2005 and is on track to exceed U.S. credit volume in the very near future. The report provides an overview of the major market players; a survey of recent and ongoing litigation and regulation of the market; data on online and offline debit transactions, including market growth since 2001 and projections through 2010; and market share of major issuers, as well as leading growth and marketing trends and an examination of their latest debit products and technology. Competitive profiles of the major card associations and top debit card issuers provide added insight into their recent activity and future plans, while data from Simmons Market Research Bureau paints a picture of both adult and teen card users, from demographics to opinions to card usage rates.