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Article: Debit cards emerging as preferred payment method.(Survey)
- Article from:
- The Food Institute Report
- Article date:
- July 28, 2008
CopyrightCOPYRIGHT 2008 The Food Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Debit card usage is soaring in the U.S., growing in the past five years at a compound annual growth rate of 17% to the point where the number of transactions handled by this form of payment exceeded that of credit cards in 2007. As part of this trend, cash and checks are rapidly becoming also-rans in many types of consumer payments, both retail and non-retail. In grocery stores, for example, debit cards have long been a staple, and, in fact, edged out cash three years ago as a payment vehicle and have long been more used than credit cards. Indeed, according to a PACKAGED FACTS report, Debit Cards in the U.S. (July 2008), more than four in 10 grocery store customers use ...