History of Debit Card

By: EconomyWatch   Date: 6 October 2010

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The history of debit card implies that the concept of debit card is not new. History of debit card dates back around 20 years ago which highlighted the introduction of e-commerce and alternative means of payment.

The recent history of debit card indicates the rise in the usage of debit cards. History of debit card reflects the dominance of the debit card as a means of making payments, becoming increasingly popular. This alternative means of payment is gradually gaining ground with each passing year.

The Magic of Numbers:

History of debit card shows that back in 1990, the count of debit cards in circulation was around 19 million. History of debit card also has it, that the initial years of the debit card era witnessed steep growth and by the year 2006 there were as many as 27.8 million debit cards.

The increase in the number of debit cards have sharply declined owing to the fact that the market is reaching a saturation point but that has not stopped debit card usage completely.

Statistically, history of debit card usage has followed a trend where one can expect the debit card usage to rise by 9.2 billion with the spending capacity to go up by 400 million.

The use of debit card boomed to 28.8 million in 2006 and is expected to reach 34.4 million in 2016.

History of debit card has shown that food and drink has dominated the scenario of the majority of the transactions involving a debit card.

History of debit card indicates that the last 20 years have witnessed a radical change in the payment options and the plastic card has replaced cash.

 

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