The duo introduced the Fundbox Flex debit card for small small businesses and plan to add BNPL and instant disbursement through Visa Direct.

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

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

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.

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:.

US in-store payment card users will represent 91.0% of the population by 2023.

It launched the Autograph card, which lets customers earn 3X points on top spending categories like restaurants and travel.

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

Mastercard signed deals with Sokin, i2C, and One Global to launch cards and mobile wallet solutions as cash use quickly falls across the region.

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.

Today, they manifest as checking accounts and debit cards within a financial wellness app, for example, or payments in a chat app or in ecommerce checkout flows (such as BNPL). Embedded finance for gamers extends this experience to the metaverse. Mana, a neobank teased earlier this year, is a typical BaaS play (a checking account and debit card), with a niche focus on gamers.

This could make rewards-forward credit cards even more attractive. Even though consumers tend to limit credit spending in favor of debit cards during times of economic instability, digital credit card spending is expected to hit $501.07 billion in 2022, up from $464.77 billion last year, per Insider Intelligence forecasts.

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