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The Debit Boom - Dove Statistic Report

While debit cardholders may have some confusion about how to best use their cards, it hasn't slowed down their usage which is growing at 35% compounded annually.

Where You Use Your Debit
Grocery stores are the most popular place to use a debit card, accounting for almost one out of every four transactions. But when consumers swipe their cards, three times as many punch in a PIN number.

Business Type
PIN-based
Signature-based
Cash
Check
Credit
Grocery Store
17%
6%
37%
25%
15%
Discount Store
10%
6%
35%
26%
22%
Drug Store
10%
6%
42%
23%
18%
Convenience Store
10%
6%
43%
7%
33%
Department Store
8%
8%
28%
20%
36%
Restaurant
4%
9%
54%
6%
27%
Fast Food
2%
1%
92%
2%
3%
Source: Dove Consulting

Three years ago, cash was king, used in 39% of all purchases, while credit and debit cards accounted for 22% and 21%, respectively, according to Dove Consulting. By last year, debit-card usage had surged, eating away at both cash and credit's share as a type of payment. In 2001, Dove statistics show debit accounted for 26% of all purchases, while cash's share shrunk to 33%.

"Debit cards are the fastest-growing consumer product in the history of Visa," says Stacey Pinkerd, senior vice president at Visa. "Over 115 million people carry a Visa-branded debit card, with 60 million to 70 million using it every month."

Consistent with previous Star surveys, conducted annually, 51 percent of consumers prefer PIN-secured debit payment, versus 28 percent who prefer signature transactions.

More than four out of five U.S. accountholders (82 percent) have an ATM/debit card, and 86 percent of users made a card purchase in the past 30 days. ATM/debit card usage is relatively consistent across regions in the U.S., according to the survey.

Source: Dove Consulting

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