NEEDHAM, Mass. -
* TowerGroup estimates use of debit cards for micropayment cash transactions will increase debit card use to more than 25 times per month.
* The research indicates that when compared to using cash for micropayment transactions, credit cards increase the average sales ticket over 15% and increase sales volume at selected merchants by nearly 20%. When credit card use is combined with a contactless payment, it reduces process time at the point of sale by more than 40%.
* Consumers use debit cards on average five times per month. TowerGroup research said the top five usage categories for small cash transactions are convenience stores, fast food restaurants, transportation, coffee and beverages, and parking.
* Debit cards have largely replaced credit cards as the growth product in consumer payments.
For info: www.micropayments.com.
