Word: debits
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Dates: during 2000-2009
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...point is that more buyers are relying on plastic - for debit purchases. That's partly why transaction volume has remained strong even as spending declines; for the first time ever, in 2006, U.S. consumers made more debit purchases than credit charges. The funds may be pre-paid or come directly from checking accounts, but the debit cards are often Visa-branded. And because it's easier to obtain a debit card than a credit card, even people who have never qualified for a credit card before are enjoying the convenience of going cash-free...
...debit-card industry so hot lately...
Globally, debit is becoming a bigger way to pay, in terms of the number of transactions, than charging credit. Debit has tended to grow up in stores or merchants that were doing business with cash and check. If you go back 20 years ago, you couldn't use a credit card in any grocery store in the United States, basically. It was a rarity. In the U.S., debit is catching up real fast with the rest of the world. MasterCard debit is growing at 15% to 20% per year. That plays into the global capabilities of the organization because...
About a third of the time, Wansink's experiments produce results that surprise even him, as happened with a study on students who buy lunch with debit cards instead of cash--a system many schools are starting to use to take the stigma out of government-aided school-lunch programs. Wansink's team thought the kids would save as much cash as they could for other purchases. "We thought if you have the cash left over, you can spend it on crystal meth or condoms or whatever high school kids buy," he says. Instead, when they had cash, the kids...
...Mart rolls out more than 1,000 dedicated check-cashing outlets in its stores, charging a flat fee of just $3 per check. Check cashers have already responded by sprucing up their offerings. Pay-O-Matic, which operates 100 outlets in New York City, recently launched a debit card that earns 3% annual interest on the unused balance. (Wal-Mart's debit card, on the other hand, does not earn interest.) With such nimble competitors, banks will have to move faster than ever to win over the millions of people who may soon discover that they...