The debit card has rung up enormous gains over the last decade in capturing a bigger share of consumers' wallets, according to a new study by debit and ATM network PULSE.
In particular, cardholders are using their debit cards more frequently and for more kinds of purchases. The typical debit card is now used 21.2 times per month at the point of sale – a 32% increase since 2005, according to the study – and the annual spend per active debit card is up 19% to $9,291 per year.
Average ticket size is down $3 to $37 compared to $40 in 2005, but Tony Hayes, a partner at management consulting firm Oliver Wyman, who co-led the study, said that shows consumers are actually embracing debit cards even more.
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