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Report: Debit cards likely to see wider adoption

December 29, 2011

A recent forecast predicts that over the next few years, consumers will adopt debit cards more widely in the future.

A recent forecast predicts that over the next few years, consumers will adopt debit cards more widely in the future.

The report from First Annapolis Consulting revealed that the merchant service[s] method will grow by approximately 8.6 to 10 percent each year until 2016. In all, the Maryland-based firm said the total number of debit transactions would increase from 47 billion this year to 76 billion in 2016. 

Part of the reason for the sector’s growth, according to some within the firm, is the fact that that younger people were adopting the method.

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Another potential reason behind the rise of debit cards is “the long-term secular shift of consumer-payment volumes from paper forms to cards and the continued adoption of debit by younger consumers,” First Annapolis said in a December report.

Some governments are getting into the game, changing merchant services regulations to get more citizens to use debit cards. Yonhap reports that the South Korean government is making requirements to obtain a credit card stricter to ensure only qualified consumers use them.

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