Consumer Payment Card News

Wallet Share

A new study has found that more consumers prefer debit cards than any other type of payment for point-of-sale purchases. This is the first time in the study’s history that debit cards exceeded all other payment devices as the overall preferred payment product. The “PaymentDynamics 2007 Preferred Payments Study” from TransUnion and Edgar, Dunn & Company found that 29% of respondents prefer debit cards versus 26% for credit cards. This year’s study shows fewer consumers are adding payment products to their wallets and more consumers are eliminating products from their wallets than in prior years’ studies. Only 31% of respondents added a new payment device to their wallet this past year versus 56% in 2004, while 20% of consumers said they shed payment products compared to 16% in 2004. The study also showed that rewards credit cards represent 50% of all preferred credit cards with 83% of rewards card owners using their reward credit card.

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