Debit Use Gains: Consumers Navigating Uncertainties

Saturday, March 12th, 2022

Recent research reveals that debit-card use is gaining more traction among consumers, as compared to credit cards. Let’s go through the reasons and see who can best help you with an eCommerce merchant account. 

Debit-Card Use Gaining More Popularity 

COVID-19 has fueled the use of debit cards among both consumers and businesses. Consumers love using an easier funds disbursement model, and these cards enable them to enjoy it. Currently, consumers of all ages prefer making payments via debit cards.

This isn’t the first time debit-card use has increased during critical times. A similar rise occurred during the Great Recession that started in 2007. Why? Uncertainties in the economy make people respond to reality by paying more attention to their finances and trying to keep their finances under greater control.

Here are the main reasons driving a surge in debit use:

• More people got focused on using safer payment methods in terms of healthcare. 
• Convenient use.
• Companies go on leveraging debit cards as a means to distribute aid or relief funds.
• The rise in digital shopping channels opens up doors for banks and fintech to deliver increased value through debit card products.
• Financial and non-financial businesses are capitalizing on the use of debit cards by offering new debt-based payment accounts or apps allowing users to enjoy mobile lifestyles.
• Debit-based card accounts enable workers to get faster access to wages. 
• More and more consumers are opting for payment methods that deliver increased convenience and real-time spend visibility. Thus, more in-store consumers are choosing debit-card transactions. 
• The rise in online shopping results in a surge in debit-card use. 

Debit cards have already accounted for billions of dollars in sales volume. Consumers are looking for a seamless payment experience. If you’re not accepting debit-card payments, you’re going to damage sales now and in the future. Studies reveal that the non-acceptance of debit cards leads to a potential loss of sales. 

With all this in mind, it’s more vital than ever to work with a reputable payment-comparison company like Best Payment Providers UK to get the best-suited merchant-processing services for your business. BestPaymentProviders.co.uk is committed to honestly reviewing terms, complaints, and integration of processors so you can get the payment-processing services, including an eCommerce merchant account.

Debit Use Growing as Consumers Are Faced With Uncertainty

Consumers of any age and with any income and lifestyle are more often relying on the use of debit cards. This has resulted in an increase in debit-card use. Work with a reputable payment specialist to offer the right payment methods to your customers.