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US consumers are increasingly turning to debitcards for their everyday transactions, driving a significant surge in the number of transactions and overall spending. On average, active debit cardholders completed 34.6 transactions per month, including 30.7 ATM transactions.
Fraudsters have grown adept at finding debitcards’ weak points, and merchants are struggling to keep up. Cybercriminals have more opportunities than ever to swipe debitcard numbers and PINs from online consumers, and false websites, large-scale data breaches and skimming tools can compromise account information.
Debitcard issuers face an ever-growing array of fraud schemes perpetrated against them and their account holders. Effective card offerings require financial institutions (FIs) to quickly and accurately detect myriad forms of fraud, forcing them into a delicate balancing act. Security challenges are mounting, too.
The renewed interest in contactless issuance was driven by a number of factors, noted Sievert, including the expiration of the “first wave” of chip cards, which gave issuers an opportunity to upgrade their cards to contactless. Use of debit in eCommerce has accelerated during the pandemic.
Both firms’ management stated during their respective earnings calls that debit spending remained healthy subsequent to the end of the quarter. The issuers, too, have seen surges in debit spending. Wells Fargo stated that debitcard purchase spending was up 11 percent; J.P. As to where that debit spend is going: J.P.
Consumers who previously paid for purchases by swiping or inserting their cards at in-store point-of-sale (POS) terminals are now turning to contactless cards and online shopping to safely and easily obtain needed goods. Around The Next-Gen Debit World. The COVID-19 pandemic is shaking up shopping behavior.
billion non-prepaid debitcardtransactions in 2018, solidifying debit as a staple payment type. They insert or swipe their debitcards at stores’ point-of-sale (POS) devices — or key in details online — and maybe enter PINs, but the behind-the-scenes processes through which transactions are routed are kept invisible.
Lerdal pointed to P2P payments and eCommerce as key areas of attack. “In In the old days, it was ATMs and the point of sale [POS],” he said. He added that other variables must come into play when examining risk, focused on a consumer’s history: where, when and how they shop and transact.
For instance, when a customer of one bank opens an account with another institution, the new bank gains visibility into the customer’s transaction history and account balances from their original bank, while the new bank is also able to initiate fund transfers or debittransactions from the customer’s account at the original institution.
Accept DebitTransactions, But Not Visa Debit Businesses can promote the usage of debittransactions as a means of reducing overall costs. Debittransactions, often characterized by lower processing fees compared to credit cardtransactions, offer a cost-efficient alternative for businesses.
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