U.S. consumers are using debit cards for more transactions and spending more when they make purchases, according to a new survey of banks and credit unions by the debit payments network Pulse. The survey found that debit transactions and dollar volume grew by 4% from 2022 to 2023.
Active cardholders completed 34.6 transactions per month in 2023, including 30.7 point-of-sale, or POS, transactions, two account-to-account transfers and 1.9 ATM transactions, according to Pulse. POS use grew at an average annual rate of 4.4% between 2018 and 2023. The average debit ticket size was $46.89 in 2023, an average increase of 3.4% per year over the period. Annual spending per active card was $17,274, up an average of 8.1% per year during the same period.
Card issuers reported a debit penetration rate—the percentage of accounts with an associated debit card—of 80.5%, improving by an average of 0.6% per year between 2018 and 2023. Debit card active rates—the percentage of debit cards used regularly—declined 0.2% per year to 66.3% in 2023.
Mobile devices originated 7% of all debit transactions and 15% of in-store contactless payments in 2023, according to the survey. Apple Pay was the most popular digital wallet.
