By MasterCard’s count, 38 percent of the growth in the use of prepaid and debit cards in 2011 was a result of a decrease in the use of cash and checks — representing $75 billion in transactions.
MasterCard also noted a net shift from debit to credit: consumers moved $2.6 billion in spending from credit cards to debit products, and $3.7 billion from debit to credit, resulting in a $1.1 billion net result in favor of credit. This move was opposite from the trend in 2010, when more consumers used credit.
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@Earthport: “Results of poll from @pymnts webinar – 83% of institutions have assigned someone to focus on ”ª#Dodd-Frank 1073”
The stats from our Dodd-Frank 1073 webinar were staggering. Beyond the resource commitment, 76 percent of our participants said they expect the new regulations to impact their product offerings negatively — while just 66 percent of our audience understood the regulation’s finer points at the beginning of our event.
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@BostInnovation: “Mobile Payments: The Trillion Dollar Industry That’s Never Happened”
Writing for tech tracking media site BostInno, VC Lee Hower notes that mobile payments still haven’t taken off. In his view, the “far and away” most likely event that will get things ignited: actions from the payment networks (Visa, MasterCard and Amex) that convert the mobile device into token.
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@dwolla: “Hard to believe we were a company of 12 this time last year. We’re growing so quickly! pic.twitter.com/nlOMYPQP”
Payment startups are getting funded in every direction — including Dwolla, who earlier this year included Ashton Kutcher in a round of financial backing. Dwolla’s staff has more than tripled in a year’s time, and recently the company launched FiSync, a real-time alternative to ACH.
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@Discover: Flash Discover card @SixFlags & enter thru Cardmember gate 1st 2hrs each day & get to the fun faster. Details
This one makes the list simply because we’re looking forward to the weekend. Maybe a stop by Six Flags is in order!
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Happy tweeting, loyal readers.
@MasterCardNews: “”ª#MasterCard discovered debit and ”ª#prepaid’s growth came at the expense of cash and checks (PDF link) ”ª#cashlessconvo”