PULSE® Study Finds Debit’s Importance to Consumers Continues to Increase
2024年8月8日 - 10:00PM
ビジネスワイヤ(英語)
Card-Not-Present Transactions Account for 45% of Debit Spend;
38% of Debit Cards are Loaded into Mobile Wallets
More U.S. consumers are using debit for more transactions and
are spending more in the process. The 2024 PULSE Debit Issuer
Study, commissioned by Discover® Financial Services’ PULSE debit
network and conducted by Banking & Payments Group, finds the
total number of debit cards, transactions, and annual spend per
active card all increased in 2023.
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The 2024 PULSE Debit Issuer Study found
more U.S. consumers are using debit for more transactions and are
spending more in the process. (Graphic: Business Wire)
“The ease and convenience of debit has made it a cornerstone of
the retail banking customer experience,” said Steve Sievert,
executive vice president of Marketing and Brand Management with
PULSE. “With active cardholders now using debit for more than 400
transactions per year, a debit card serves as a daily reminder of
the value of the relationship between a consumer and their
financial institution.”
Debit Used Daily
The 2024 Debit Issuer Study found the number of debit
transactions is growing faster than spend. Active cardholders
completed 34.6 transactions per month in 2023, including 30.7
point-of-sale (POS) transactions, 2 account-to-account transfers,
and 1.9 ATM transactions. POS use grew at an average annual rate of
4.4% between 2018 and 2023. The average debit ticket size was
$46.89 in 2023, an increase of 3.4% per year, on average, over the
period. Annual spend per active card was $17,274, up an average
8.1% per year between 2018 and 2023.
Issuers reported a debit penetration rate (percentage of
accounts with an associated debit card) of 80.5%, improving by an
average 0.6% per year between 2018 and 2023. Debit card active
rates (the percentage of debit cards used regularly) declined
slightly (-0.2% per year) over the period to 66.3% in 2023.
Card-not-Present (CNP) Gained Share
U.S. consumers continue to adopt new ways to use debit,
including without a physical card. Issuers reported that CNP
transactions accounted for 36% of debit transactions and 45% of
debit spend in 2023, an increase of 5.2% year-over-year (YOY). The
average CNP ticket size increased 2.8% YOY to $60.81.
Mobile and Digital Trends
Mobile devices originated 7% of all debit transactions and 15%
of in-store contactless payments in 2023. While all surveyed
issuers support provisioning debit cards into digital wallets such
as Apple Pay and Google Pay, 38% of debit cards are actually loaded
into digital wallets. Apple Pay remains the most popular digital
wallet.
Issuers reported an average of three digital wallet transactions
per active card per month in 2023, with an average value of $27.69.
This is approximately 40% lower than the overall average debit
ticket, reflecting a mix of small-ticket in-person payments and
small in-app purchases.
Digital issuance, through which an institution pushes debit card
credentials directly to the digital wallet prior to physical card
issuance, is the number one new capability issuers plan to
introduce. Half of issuers reported plans to add digital
instant-issuance capabilities. Benefits of digital issuance include
superior convenience, no lag to use, and significant cost savings
for the institution.
Debit Faces Shifting Dynamics
In addition to benefiting from debit’s continued growth and
evolution, issuers are responding to three macro trends impacting
debit:
- A pending reduction in Regulation II’s interchange cap for
covered issuers (those with $10 billion or more in assets).
- Increased competition from both traditional institutions and
digital challengers.
- The potential impacts of real-time payments growth.
As issuers respond to these developments, they revealed three
key priorities for the remainder of 2024 and into 2025:
- Continue to optimize penetration, active, and usage rates.
- Strengthen their fight against fraud.
- Invest in new digital capabilities, such as instant digital
issuance and cardholder visibility into recurring payments.
For more information, visit the PULSE Debit Issuer Study
resource center.
About the Study
The 2024 Debit Issuer Study is the 19th installment in the study
series, commissioned by PULSE and conducted by Banking &
Payments Group, an independent management consulting firm that
specializes in the retail payments market. The study provides an
objective fact base on debit issuer performance and financial
institutions’ outlook for the debit business. Study respondents
included large banks, credit unions and community banks. The sample
is representative of the U.S. debit market in terms of institution
type, geography and debit network participation.
About PULSE
PULSE is a leader in debit payments, global cash access, and
account transfers, and we deliver exceptional value, choice, and
convenience to clients across the payments ecosystem. We enable
reliable and secure digital money movement for a wide variety of
debit card programs through our PULSE Network, the Discover® Debit
program, an advanced fraud-detection platform, and partner-support
services. Our commitment to continuous improvement, innovation, and
prioritizing the unique business needs of our clients empowers
payment solutions that meet the evolving demands of consumers.
PULSE is a Discover (NYSE: DFS) company and part of the Discover
Global Network. For more information, visit PulseNetwork.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240808048611/en/
Anne Uwabor, 832-214-0234 PULSE anneuwabor@pulsenetwork.com
Dan Keeney, 800-596-8708 DPK Public Relations dan@dpkpr.com
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