Debit Card Statistics

Introduction

Debit Card Statistics: Debit cards are defined as plastic payment cards or bank cards that are associated directly with customers’ bank accounts. These bank cards are often used for buying products and withdrawing cash from ATMs and for non-cash payments. While making payments Debit card consumers cannot undergo into debt as they can only utilize the money that is in their bank accounts, unless they opt for an overdraft service. Overdraft services seem to be a less risky option as compared to using a credit card.

As per debit card statistics for 2019, nearly 18% of people in the United States utilized their debit cards issued by the Bank of America. There are four main categories of debit cards such as classic, signature, platinum, and gold. The classic debit card offers easy payment transactions that are faster than other cards and these cards also offer a whole bunch of advantages based on the bank. Visa, MasterCard, and RuPay are some major service providers. Here will discuss some interesting debit card statistics that will show how debit cards have become an integral part of people’s lives across the world.

Key Debit Card Statistics

The worldwide debit card market is forecasted to grow from $90.49 billion in 2021 to $93.23 billion in 2022 at a compound annual growth rate (CAGR) of 3%.
The global debit card market is predicted to reach $96.84 billion by 2026 at an annual growth rate (CAGR) of 1%.
As per the debit card statistics, Asia Pacific had the largest share of the debit card market in 2021. Western Europe had the second-largest share in the debit card market.
The decline in the usage of cash due to numerous factors accounted for the growth of the debit card market.
As per a report published in June 2021, there was a 35% drop in cash transactions across the globe.
As per a report published in March 2020, mobile payments in the US surpassed 130 billion in the financial year 2020.
Cryptocurrency debit card is a new wave in the payment card industry.
Some key card networks such as MasterCard, Amex, and Visa are emphasizing business payments with the use of blockchain.
The cryptocurrency market is predicted to grow up to $1.4 billion by 2024, at a compound annual growth rate (CAGR) of 6.2%.
In October 2020, Coinbase that is a US-based cryptocurrency exchange firm unveiled its cryptocurrency Visa debit card in the US. It helps customers spend cryptocurrency anywhere Visa cards are allowed.
The rising prevalence of crypto cards, no foreign exchange costs, access to fiat and crypto assets using a single card, and cashback are some aspects that will give a push to the further implementation of the crypto debit card market.
Capital One Financial Corp., Citigroup, American Express, Visa Inc., MasterCard, PayPal Holdings Inc., Bank of America Corporation, JPMorgan Chase & Co., PayU, and State Bank of India are some of the main players in the debit card market across the world.
As per debit card statistics, nearly 18% of people in the US made payments using debit cards issued by the Bank of America in 2019.
Around 2.4 billion debit cards issued by Visa are in circulation around the world.
As per debit card statistics, nearly 46% of people in the United States utilized a debit card while making payments in 2022.
In 2022, a report showed that debit cards account for 90% of all payment cards. The report excluded markets that typically have a greater trend of credit cards, such as the UK, Ireland, Turkey, and Greece.
The debit card base in Europe shot up by 42.7 million and touched a total of 813.5 million in 2022, While the penetration of debit cards touched 1.31 debit cards per capita in Europe.
Germany is considered the largest economy in Europe, it also shows a marked inclination for the debit payment system and a consistent drop in the usage of cash and other modes of payment.
The count of debit cards in Germany shot up to around 121 million in the last leg of 2021, while the number of debit payments shot up by 25.4% amounting to €296.3 billion.
Only 43% of cash transactions take took place in Germany in 2021 due to the rise of debit card payments in the country.
The count of card-not-present (CNP) payments that are usually done via the internet, utilizing a debit payment method shot up by 9.6% amounting to more than 1.1 billion CNP transactions.
Cross-border payments in the country dropped by 5.9% as firms and people processed more global transactions utilizing domestic debit payment techniques.
Credit card transactions also reduced a little by 3.9%. It continued to highlight the overall acceptance of debit in Germany.
As per a study, the count of card payment transactions in Germany is predicted to grow by a huge 28% by 2025.

General Debit Card Statistics And Trends

#1. The global debit card market is predicted to reach $96.84 billion by 2026 at an annual growth rate (CAGR) of 1.1%

The worldwide debit card market is forecasted to grow from $90.49 billion in 2021 to $93.23 billion in 2022 at a compound annual growth rate (CAGR) of 3%.

(Source: Researchandmarketing.com)

#2. As per the debit card statistics, Asia Pacific had the largest share of the debit card market in 2021

Debit card statistics show that Western Europe had the second-largest share in the debit card market.

#3. Around 1.46 billion MasterCard debit cards were in circulation across the world by the end of 2021

The count of MasterCard debit cards in the United States and worldwide saw a sharp increase from the second quarter of 2019 to the fourth quarter of 2021.

#4. The decline in the usage of cash due to numerous factors accounted for the growth of the debit card market.

Many institutional bodies and governments are planning to reduce the usage of cash and promote cashless transactions. It will minimize the risk of crime and money laundering, decrease tax evasion, and save transaction costs for various trades.

#5. As per a report published in June 2021, there was a 35% drop in cash transactions

Therefore, decreased usage of cash and the constant trend of online payments are predicted to drive the debit card market.

#6. As per a report published in March 2020, mobile payments in the US surpassed 130 billion in 2020

The worldwide prevalence of mobile devices has shot up the usage of mobile payments and digital wallets which are predicted to restrict the growth of the debit card market.

#7. Cryptocurrency debit card is a new wave in the payment card industry

Crypto debit cards work as an effective link between the current financial landscape and the crypto world. They offer immediate buying power from bitcoin or other cryptocurrencies. Crypto-backed debit cards let cardholders pay and withdraw fiat currency from ATMs, similar to debit cards linked to customers’ bank accounts.

#8. Some key card networks such as MasterCard, Amex, and Visa are emphasizing business payments with the use of blockchain

Revolut, that is a UK-based start-up firm provides the access to 5 cryptocurrencies and 150 fiat currencies.

#9. The cryptocurrency market is predicted to grow up to $1.4 billion by 2024,

As per cryptocurrency market statistics, it will increase at a compound annual growth rate (CAGR) of 6.2%.

#10. In October 2020, Coinbase that is a US-based cryptocurrency exchange firm unveiled its cryptocurrency Visa debit card in the United States.

It helps customers spend cryptocurrency anywhere Visa cards are allowed.

#11. Experts claim that the growth of the crypto debit card market is inevitable

The rising prevalence of crypto cards, no foreign exchange costs, access to fiat and crypto assets using a single card, and cashback are some aspects that will give a push to the further implementation of the crypto debit card market.

#12. Capital One Financial Corp., Citigroup, American Express, Visa Inc., MasterCard, PayPal Holdings Inc., Bank of America Corporation, JPMorgan Chase & Co., PayU, State Bank of India, HDFC Bank, US Bank, and Wells Fargo are some of the main players in the debit card market across the world.

The latest debit card statistics reveal that these financial firms are contributing big time to the growth of the debit card market across the globe.

#13. Around 2.4 billion debit cards issued by Visa are in circulation around the world

As per debit card statistics, nearly 18% of people in the US made payments using debit cards issued by the Bank of America in 2019.

(Source: Statista.com)

#14. As per debit card statistics, nearly 46% of people in the United States utilized a debit card while making payment in 2022

Despite the rise of credit card payment methods in the United States, debit card payment is still a popular method of payment among people in the country.

#15. In 2022, a report showed that debit cards account for 90% of all payment cards

The report excluded markets that typically have a greater trend of credit cards, such as the UK, Ireland, Turkey, and Greece.

#16. The debit card base in Europe shot up by 42.7 million and touched a total of 813.5 million in 2022

While the penetration of debit cards touched 1.31 debit cards per capita in Europe.

#17. Germany also shows a marked inclination for the debit payment system and a consistent drop in the usage of cash and other modes of payment

Germany is considered the largest economy in Europe.

#18. The count of debit cards in Germany shot up to around 121 million in the last leg of 2021

While the number of debit payments shot up by 25.4% amounting to €296.3 billion.

#19. There is only 43% of cash transactions in Germany due to the rise of debit card payments in the country

Credit cards are still quite unpopular among the German population as credit is frowned upon in general by people and society.

#20. The count of card-not-present (CNP) payments shot up by 9.6% amounting to more than 1.1 billion CNP transactions in Germany.

CNP payments are usually done via the internet, utilizing a debit payment method.

#21. Cross-border payments in Germany dropped by 5.9%

The drop in cross-border payments occurred as firms and people processed more global transactions utilizing domestic debit payment techniques.

#22. In Germany, the number of credit card transactions dropped a little by 3.9%

It continued to highlight the overall acceptance of debit card payments in the country.

#23. As per a study, the count of card payment transactions in Germany is predicted to grow by a huge 28% by 2025

The global COVID-19 pandemic has resulted in a drastic acceleration in the transition from cash payments to electronic payments. As per the latest statistics, the debit card payment method has been the top beneficiary of this drift.

Conclusion

There’s no doubt that debit cards will continue to be a popular method of payment across the globe. There are around 163 million payment cards in circulation in the United Kingdom and around two-thirds of them are debit cards. However, now these days, people enable these cards for contactless or online transactions. It shows that the nature of utilizing banking cards has been moved from the physical product to the invisible but functional daily tool. However, still, debit card payments are quite prevalent in many regions across the world. These debit card statistics show that the usage of debit cards across the globe will take a further lead in the future.

ABOUT AUTHOR

by Kathleen Kinder

Over 4 years’ experience in the research industry. Experience with research and consulting projects, catering to domains such as ICT, Health & Pharma, and packaging. Managed projects on both B2B as well as B2C perspectives, which includes consumer preference analysis, interviews with key executives, etc

Debit Card Statistics and Facts 2023