The key to debit card growth is changing member behavior and shifting volume from cash and check to debit.
|Connie Davis, FIS product manager, EFT services|
One-third of consumers are heavy users of debit (using their cards more than 10 times per month), one-third are light users (using their cards one to nine times), and one-third don’t use their cards at all, according to Davis.
Debit card users appreciate these benefits of debit cards, according to FIS research:
- 62% say debit cards help them spend within their means;
- 56% like the control debit cards offer over when funds are extracted from their accounts; and
- 24% like the loyalty points often associated with debit cards.
|John Focht, FIS senior vice president, EFT services|
“It’s possible that you’ve already converted all the check writers you’ll be able to convert,” says Focht. “At this point, you might want to concentrate all your efforts on getting cash users to use more debit.”
Most cash users are already using some debit, Davis notes, the challenge is to get them using more debit, she says.