Debit Cards Continue To Grow Share Of Payments
MADISON, Wis.-Debit cards continue to garner a higher share in consumer payment mix according to new research from the Filene Institute.
According to the Institute there is "no evidence" that debit cards are reaching peak use. Among the report's findings:
• Frequent debit card users tend to be younger and debit-only users decrease by age.
• Nearly 30% of 18- to 29-year-olds are debit-only users. That's compared to just 7% of individuals over the age of 70.
• Credit follows a reverse order as 49% of those over the age of 70 are credit card-only users compared to 29% of people under 30.
• Unsurprisingly, those who use credit cards frequently tend to have higher incomes and higher levels of debt than those with debit cards or no plastic at all.
• Check usage continues to fall, while cash usage has held steady.