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Lending Briefing: Debit cards are taking over

  • This year, debit cards have emerged as the preferred payment method for the majority of US consumers, dethroning credit cards.
  • Younger generations are behind this switch – even though they're also getting credit cards, Millennials and Gen Zers prefer to pay with debit.
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Lending Briefing: Debit cards are taking over

Debit cards are becoming increasingly popular. This year, they emerged as the preferred payment method for the majority of US consumers, dethroning credit cards.

According to a survey by 451 Research, 56% of consumers preferred to use debit cards as their primary payment card, whereas 40% still opted for credit cards.

Debit cards are becoming increasingly popular. This year, they emerged as the preferred payment method for the majority of US consumers, dethroning credit cards.

According to a survey by 451 Research, 56% of consumers preferred to use debit cards as their primary payment card, whereas 40% still opted for credit cards.

This represents a 180 degree flip compared to last year, when 40% of consumers said they preferred debit cards while 55% preferred credit cards.

 


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