Credit and Debit Card Spending Up - Other News


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Credit Card Applications » News » Other » Credit and Debit Card Spending Up

Credit and Debit Card Spending Up

The content is accurate at the time of publication and is subject to change.

Last year people spent $196 billion in debit and credit card transactions at merchants across the globe, according to a new Nilson Report. Spending on cards was up 14% over the year before. American Express, Diners Club/Discover, MasterCard, and Visa cards all made it into the report, which looked at growth as well as markethare.

Nilson’s annual Global Cards 2014 report looked at how the mobile and card payment industries fared last year. Visa’s debit cards were used the most to buy merchandise and services, with a share of 37%. Their credit cards followed claiming a 21% share.

The rest of the brands by marketshare fall in line behind Visa:

  • MasterCard credit cards with 13.76%, MasterCard debit cards with 12.58%
  • Union Pay credit cards with 5.45%, UnionPay debit cards with 4.65%
  • American Express cards with 3.40%
  • Diners Club/Discover cards with 1.24%

Top money makers

For the first time, the amount of UnionPay debit card purchases outperformed American Express. UnionPay, a China-based credit and debit card brand, took the top spot in the study, with their debit card outperforming the rest in terms of volume, with Visa’s debt and credit cards right behind them.

UnionPay outdid MasterCard credit cards, while MasterCard bested American Express. JCB and Discover took the bottom slots with JCB (Japan Credit Bureau) overtaking Discover.

What does all this mean in terms of dollars and cents?  It means that $55 out of every $100 spent by consumers and businesses were charged on a Visa or MasterCard last year. In 2013 that number was $59 out of every $100, showing a drop in overall marketshare. Visa cards by themselves took in $37 out of every $100, which is down from last year when it was $40.

On the other hand, UnionPay’s star is rising, having taken in $33 out of every $100 spent in 2013. That number rose to $38 last year. Overall, they had the best increase in terms of purchase transactions, with their credit and debit purchase transactions made at merchants going up by 52.3%.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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