Consumers are clinging to their physical cards, and Wells Fargo customers especially.
Wells Fargo customers were the largest users of debit and pre-paid cards in the U.S. in 2016, according to Nilson Report, released last week.
The report logs the top debit card issuers in the country by purchase volume, which was up 6.7% for 2016, compared to the previous year.
From the report:
Purchase volume at merchants generated by cardholders of the 50 largest debit and prepaid card issuers in the United States reached $1.694 trillion in 2016, up 6.7% versus the top 50 issuers in 2015. This included consumer and commercial signature and PIN-based debit and prepaid products cleared through Visa, Mastercard, Discover, and PIN-based regional EFT networks.
The runners-up were Bank of America, with nearly $300 billion ($298.9) in purchase volume, and Chase, with $272.5 billion.
The full report may be found here.Like This Post