Payment Growth Fueled by Debit Cards
Research on payment processing was recently released from Goldman Sachs. The investment bank expects growth from sources other than credit cards to power growth of electronic payments to 42.3% of worldwide personal consumption expenditures in 2012, up from 35% this year.
Growth in credit card processing will be slow due to the economy. Goldman predicts that U.S. credit card volume will fall to $1.225 trillion this year, down 11% from 2008’s $1.372 trillion. A further decline, to $1.211 trillion, is forecast for next year.
Debit card transactions will rise. In the U.S. debit volume will be $1.187 trillion this year and will exceed credit card volume in 2010, at $1.284 trillion, including signature and PIN debit payment processing transactions.
E-commerce volume globally will grown from $736 billion this year to about $1 trillion in 2012, the firm forecasts. Volume on prepaid cards will grow from $279 billion to $335 billion. And mobile payments will see volume climb rapidly, from $26 billion to $135 billion.
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