Spending on U.S. Credit, Debit, and Prepaid Cards to Top $10 trillion
CARPINTERIA, Calif., Nov. 11, 2019- Spending for goods and services initiated by credit, debit, and prepaid cards issued in the United States, which totaled $7.266 trillion in 2018, is projected to reach $10.086 trillion in 2023 according to statistics released this week from The Nilson Report, the leading card, and mobile payment industry trade publication.
At the end of 2018, there were 6.96 billion credit, debit, and prepaid cards in circulation in the U.S. That total is expected to reach 8.02 billion at the end of 2023.
"When nearly 7 billion payment cards generate more than $7 trillion in purchases of goods and services…you have to conclude the state of the card business is very good," said David Robertson, Publisher of The Nilson Report.
Credit cards accounted for 54.17% of...