SAN FRANCISCO—The COVID-19 crisis is pushing more purchasing over to debit cards in what could drive a $100-billion annual shift away from credit cards over time, according to Visa.
While U.S. credit card volume on Visa cards remained down from a year earlier in May, debit card volumes were up 12% last month, MarketWatch said.
“There’s a consumer psyche of sort of not spending someone else’s money but spending my own money,” said a Visa executive, according to MarketWatch
Visa estimates, based on past behaviors, that there could be a $100-billion annual shift to debit card spending from credit card spending over time, MarketWatch said.