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Debit Goes Mainstream

And it's a golden opportunity for banks If you've been paying attention at I supermarket, drugstore, or department store check-out lines lately, you may have noticed that--when short of cash--you can rely a bit less on that trusty charge card and go debit instead. At a time when many banks are delving deeper into debit card programs, the habit is clearly catching on with consumers. A recent debit card study completed by Dove Associates for the ABA shows that in 1999, 82% of more than 850 U.S. consumers owned a debit card. Of that group, more than 68% had an offline card--the national cards that piggyback on Visa and MasterCard's existing payment infrastructure. Of more interest to bankers is the fact that 59% of debit cardholders in the survey actually used the card, and for 15% of them, it was the preferred method of payment. One significant factor in debit's newfound acceptance is last year's aggressive promotion of multifunction cards by the card associations--particularly Visa, which spent $45 million on a national advertising campaign for the VisaCheck card. Multifunction cards first attained wider use about five years ago. Essentially they are MasterCard or Visa offline cards-also known as signature cards-that also work as an ATM card, and which also enable online purchases (e.g., direct access to an account via PIN-based authorization). With them, debit has become increasingly viable as a payment form among certain demographic groups. The ABA survey showed that debit use was stronger among college educated, relatively affluent consumers between the ages of 25 and 34. Those who prefer offline, signature cards tended to be suburban (59%), two-person households (40%), and Caucasian (83%). Nearly 70% use direct deposit payroll services and 61% use direct debits for bill payment. For debit card users, the national transaction average is estimated at between 6 to 7 transactions per month, says Frank D'Angelo, senior vice-president and general manager of electronic funds delivery services for M&I Data Services, Milwaukee, Wis. The ABA-sponsored survey showed that the combined transaction volume of online and offline debit activity equaled that of check and credit card point-of-sale use for survey respondents. With an average of 47.4 POS transactions each month, respondents reported making 11 debit purchases each month-21 % of the total. (About half of the P05 transactions were cash.) Consumer confusion dwindles Until two years ago, debit cards weren't a significant rival to credit cards, cash, or checks in most parts of the country, says D'Angelo. Now they are steadily becoming a mainstream form of payment at the checkout counter in many U.S. markets. "There are still people who see a bank card with a Visa or MasterCard logo and think of it as a credit card, which they might not want [to use] for whatever reason," explains Josie Callarie, senior vice-president of retail operations for Astoria Federal Savings and Loan, Lake Success, N.Y. "But we're finding that most consumers understand that this isn't the case, and are beginning to respond positively to debit cards. We see it as giving consumers more options, not taking anything away." Astoria Federal is in the midst of launching a rollout of debit cards that will replace its traditional ATM card. In a phased-in operation, approximately 220,000 MasterCard debit cards will be issued, these cards will let Astoria Federal customers buy items at any merchant location that accepts Mastercard credit payments, as well as use them at ATM machines. "The debit card is a nice, clean form of payment," asserts D'Angelo. Although the average debit card purchase nationally is only $36, the growth in the debit market is phenomenal and represents a profitable niche for banks who manage their programs correctly, D'Angelo says. Card associations--and payment processors like M&I--have reduced processing costs, he says, which makes the economics pretty appealing. …