SANTA BARBARA, Calif., June 18, 2024 (GLOBE NEWSWIRE) -- Spending for goods and services initiated by debit and prepaid cards from the 50 largest US issuers reached $2.888 trillion in 2023 according to the Nilson Report. This marked a 3.3% increase over 2022.

Consumers used debit and prepaid cards from the 50 largest US issuers to make 61.59 billion transactions, up 3.6% from 2022.

When measuring combined debit and prepaid card spending, Bank of America overtook Wells Fargo and became the largest US issuer. Wells Fargo remained the largest issuer when measuring only debit cards.

“Debit and prepaid cards are highly competitive products in the US market,” said David Robertson, Publisher of the Nilson Report. “These cards are great opportunities for financial institutions to promote their brands.”

The three largest issuers—Bank of America, Wells Fargo and JPMorgan Chase—accounted for 48.58% of the $2.888 trillion in debit and prepaid purchase volume generated by the top 50 issuers in 2023.

In 2023, the average amount of a debit card purchase (prepaid cards excluded) was $47.22, a 0.4% decline from 2022. Given the rate of inflation in the US, this decline indicates that Americans are using debit cards more frequently to make payments of lower monetary value.

Other highlights of this survey include The Bancorp Bank retaining its title as the largest US prepaid card issuer and Navy Federal Credit Union posting the best year-over-year increase among the top 10 issuers in spending tied to debit cards it issues — up 12.6%.

ABOUT THE NILSON REPORT
For more than 53 years, the Nilson Report has been the most respected provider of data and news about the payment card industry.

Available worldwide by subscription only, the Nilson Report surveys over 2,000 financial institutions and other payment card businesses to produce statistics about card issuers, card networks, merchant acquirers and technology providers. This business intelligence is not available from any other source.

The twice-monthly newsletter also includes informative feature articles, concise updates regarding new products and services, monthly listings of investments and acquisitions by companies in the payment industry and news about executive appointments.

The Nilson Report does not accept advertising of any kind. No company can pay to be featured in the Nilson Report.

For more information on our publication, to start a free trial subscription, or to request an interview with David Robertson, contact: Lori Fulmer, lfulmer@nilsonreport.com 

SOURCE: the Nilson Report, www.nilsonreport.com

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