NEEDHAM, Mass. – Debit cards now are being used for 50.4% of all non-cash purchases, up from just 1% in 1990.
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Research released by TowerGroup, a subsidiary of MasterCard, suggests the increasing usage of direct deposit (72% of all salaried workers and 92% of government workers have direct deposit) has made it easier and more likely for consumers to use debit cards.
The TowerGroup research found debit card transactions amounts actually have shrunk as consumers use them more freely and the technology is available in more retail locations, and now have a lower average dollar amount per transaction than paper checks. Also boosting usage: increased protections against fraud.
