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Debit cards - statistics & facts

A debit card, often also just known as a bank card, is a plastic payment card used for the withdrawal of cash from an ATM, and for non-cash payments. Debit card users cannot go into debt because they can only use the money currently in their account, unless they sign up for overdraft coverage, which may make it a less risky option to using a credit card. In 2019, almost 18 percent of Americans used debit cards issued by the Bank of America.

The prevalence of debit card usage has continued on its trajectory of growth, reflected by the increasing spread of ownership in the United States. In recent years the use of debit cards has become so widespread that their volume has all but overtaken cheques and, to some extent, the use of physical cash as a payment method.

Unlike credit cards, payments made using a debit card are transferred directly from the cardholder’s bank account, incurring no charges for payment at a later date. Many debit cards belong to the Visa or MasterCard brand but there are many other that exist only within particularly countries or regions.

In recent years, new security measures such as EMV technology have appeared in debit cards. Prepaid debit card use is also increasing. Debit cards are popular for a variety of reasons, including ease of keeping track of expenses, better management of the budget and lack of interests like in case of credit cards. Such preferences indicate that debit cards will remain relevant.

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