Card-Not-Present Debit Spending on the Rise, as Interchange Fees Decline
A recent Federal Reserve report that compared 2009 and 2011 debit card purchases found that consumers spent more than $1.7 trillion dollars in debit card transactions in 2011, an approximate 24% increase. But meanwhile, chargebacks and returns totaled 373 million transactions and $22 billion in sales. Of total debit transactions, 11% were card-not-present (CNP) transactions, totaling $386 billion. Surprisingly, consumers were more likely to spend more via CNP transactions, according to the report: “The average value…
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