Cards, Cards, Cards
Credit, debit and prepaid cards all experienced strong growth across the globe in 2011, driving down the use of cash, according to the report. Credit card transactions grew by 12.3% globally, while debit card transactions increased 15.8%. North America remains the strongest cards market, with cards accounting for 65% of non-cash transactions, the report said.
"Our report last year found strong debit card growth, but now we are seeing strong growth in debit and credit cards. We think it shows that the appetite of consumers is now more aggressive," Lassignardie says.
Prepaid cards were one of the fastest growing payments instruments, with 20% growth in transactions to 16.9 billion, the report found. While much of that growth has occurred in the U.S., Lassignardie also mentioned that use of prepaid products is also going up in developing countries where consumers are attracted to their convenience and ease of use.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio