January 8, 2004, 12:00 AM

Online debit transactions growing faster than online credit, Visa says

Online purchases made with Visa debit cards grew at nearly double the rate of Visa credit cards last year, Visa reports. Visa debit transactions in 2003 rose 67.9% over 2002, compared to growth of 35.3% for credit cards.

Paul Demery

Managing Editor, B2B E-commerce

Online purchases made with Visa debit cards grew at nearly double the rate of Visa credit cards last year, Visa reports. Visa debit cards accounted for 402.4 million e-commerce transactions in 2003, up 67.9% from 239.7 million in 2002. By comparison, Visa credit cards accounted for 494.2 million transactions last year, up 35.3% 365.2 million in 2002.

 

The value of these transactions on Visa debit cards rose 71.5% year to year, to $21.8 billion from $12.7 billion. The value of transactions on Visa credit cards rose 47.8%, to $44 billion from $29.8 billion. These figures pertain to all e-commerce transactions, including travel and utility bill payments, on U.S.-based cards, Visa said.

 

Visa also noted that its peak e-commerce day last year was Dec. 16, with more than $357.7 million transacted on all U.S. Visa cards, up about 46 % from the approximately $246 million transacted on Visa cards on the busiest day of 2002, which was Dec. 10.

 

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