17 October 2017
Find out more

Visa's debit card volume surpasses credit

20 April 2004  |  4153 views  |  0 Visa's debit card volume surpasses credit

The value of transactions conducted via Visa debit cards surpassed the company's credit card volumes for the first time in 2003.

The company's debit card volume reached $1.48 trillion at the end of 2003, an increase of 17% over the previous year. At the same time the company's global credit volume rose five per cent from the previous year to $1.45 trillion.

Visa says research by Global Insight estimates that, globally, cash and cheque payments have decreased by four and seven per cent respectively over the past four years. In contrast, use of its debit products has increased by 90% over the same period.

As well as using debit for everyday purchases, Visa says the cards increasingly are being used for Internet purchases and for paying monthly bills.

Gaylon Howe, EVP, consumer product platforms, Visa International, says consumers are looking for the most efficient means of purchasing: "Cardholders can manage their finances by paying for purchases in a way that best suits the situation and their personal needs."

Citing payments industry newsletter The Nilson Report, Visa says the number of debit cards in circulation worldwide reached one billion in 2003 and debit card sales volume will double by 2007.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

US smart card market knocked as Target phases out chip cards

US smart card market knocked as Target phases out chip cards

04 March 2004  |  3794 views  |  0 comments
Plastic spending hits new high

Plastic spending hits new high

11 February 2004  |  7583 views  |  0 comments
Visa to extend mobile top-up service across Europe

Visa to extend mobile top-up service across Europe

13 January 2004  |  5246 views  |  0 comments
Visa USA grows third quarter volumes

Visa USA grows third quarter volumes

06 November 2003  |  2661 views  |  0 comments
New Visa spec allows merchants to add applications to payment cards

New Visa spec allows merchants to add applications to payment cards

31 October 2003  |  3365 views  |  0 comments
Visa releases mini payment card in Asia Pacific

Visa releases mini payment card in Asia Pacific

19 August 2003  |  3833 views  |  0 comments
Debit takes over from credit says Visa

Debit takes over from credit says Visa

17 September 2002  |  3249 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.innotribe.comvisit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14427 views comments | 11 tweets | 3 linkedin
Taiwan's Far Eastern International Bank suffers malware attackTaiwan's Far Eastern International Bank su...
13056 views comments | 16 tweets | 22 linkedin
Monzo fends off suitors as current account upgrade beginsMonzo fends off suitors as current account...
8954 views comments | 17 tweets | 14 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
7898 views comments | 15 tweets | 20 linkedin
Ripple blockchain network hits 100-member markRipple blockchain network hits 100-member...
7596 views comments | 13 tweets | 13 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job