San Francisco, CA, USA
November 3, 2006The
Future of Consumer
Card Payments
Report Published by Celent
Celent examines trends and outcomes in the
credit, debit, and prepaid industries.
Payment cards have come a long way since they
emerged in the 1950s. Credit cards are no longer an exclusive product for
the elite, but a commodity for the average American. Debit cards have
evolved from a means to withdraw money at an ATM to a device used to make
daily purchases at a nearby merchant location; and prepaid cards continue
to modernize many inefficient paper-based systems.
In a new report by Ariana-Michele
Moore, The Future of Consumer Card Payments, Celent details the
evolution of these devices and how they have impacted the US payments
economy. Not only have they provided a convenient and easier way for
consumers to spend money, they have also helped shift US consumers from a
paper-based economy to an electronic one. Today, consumers spend just as
much with card as they do with paper, and the use of paper continues to
decline.
“Concurrent with the increase in card use
has been the shift in consumer purchasing behavior. Cards are being used
for more than luxury and emergency purchases. They are increasingly
capturing the many buckets of consumers payments,” says Alenka
Grealish, manager of the Banking group at Celent. Such purchases
include emergency items, luxury goods and other large ticket items, gifts,
utilities, groceries, and everyday expenditures. In addition, they are not
only being used at merchants but also to pay bills, donate money, receive
pay checks, and send money. This
report provides a look at the future of cards, as well as an overview of
the challenges issuers will face and thoughts on strategies to overcome
those challenges. The 40-page report contains
14 figures and three tables. A table of contents is
available online.
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About Celent
Celent, LLC is a research and advisory firm
dedicated to helping financial institutions formulate comprehensive
business and technology strategies. Celent publishes reports identifying
trends and best practices in financial services technology and conducts
consulting engagements for financial institutions looking to use
technology to enhance existing business processes or launch new business
strategies. With a team of internationally experienced analysts, Celent is
uniquely positioned to offer strategic advice and market insights on a
global basis.
Media Contacts
New York - Arielle Weliky
aweliky@celent.com
Tel.: +1 212 269 7547
Paris - Alexandra Vouge
avouge@celent.com
Tel.: +33 1 42 61 06 88
Tokyo - Keiko Yaguchi
kyaguchi@celent.com
Tel.: +81 3 3571 7104
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