It helps Robinhood compete with banks, other fintechs, and other digital brokers by capitalizing on a shift to debit and younger users’ payment preferences.

US-based Mana’s perks like debit card points and special offers on subscriptions for gaming services are tailored toward its target affinity group.

The discount retailer launched bank accounts and debit cards with Incomm Payments, a BNPL pilot with Sezzle, and a rewards redemption program with FIS.

First it helped students with scholarships, now it’s branched out into debit cards. Fostering trust with Gen Zers and helping grow their financial literacy could pay off.

In 2021, digital payment card transactions—credit card, debit card, and prepaid card—will total $67.74 billion in Canada.

As consumers have gotten more comfortable using debit cards online, US digital debit card spending has outpaced that of credit cards. Transaction value will fall in 2021, but we expect growth to return in 2022.

Debit Cards. US debit spending rose 8% in 2020, per Pulse’s 2021 Debit Issuer Study, as it won customers who switched to electronic payments. It also surpassed credit spending for the first time in 16 years. By Q3 2021, Visa and Mastercard were still posting 14.7% and 9.0% annual US debit growth, respectively. Our forecasts project that trend will continue:.

The forecast: US in-store payment card users will represent 91.0% of the population by 2023, with 68.6% being debit card users, 60.2% being credit card users, and 17.1% being prepaid card users. In-store cash users’ share of the population fell sharply between 2019 and 2020, from 80.4% to 76.4%. This decline will continue, though at a smaller rate, with 76.0% of the population using cash by 2023.

Article: Robinhood overhauls debit card in pursuit of younger users, shifting payment preferences.

Blocking contactless debit card payments. Fraud loss from US debit card-present consumer payments will almost double this year, per our forecast. Given that the bulk of card-issuing banks have rolled out contactless debit cards, it’s hard to steer clear of the threat. No FI in the study offered the option of blocking tap-and-go payments. Managing third parties’ data access.

Cardholders can put their cash-back rewards toward statement payments or have the funds deposited to their PayPal account—and from there to a linked bank account or debit card. For a limited time, new customers can earn a $100 cash-back bonus for their first $500 spent. Existing cardholders will be upgraded to the new rewards structure.