VISA Ad Highlights the Power of Debit

SAN FRANCISCO – VISA USA has taken out a full page advertisement in the Wall Street Journal to highlight the fact that, for the first time, worldwide VISA debit volume has outpaced VISA credit card volume. “The achievement reflects volume on all debit cards in circulation around the world,” wrote VISA executive vice president Kevin Schultz in a memo about the advertisement. “Volume on U.S.-issued debit cards is significant and growing, but overall credit sales volume here is still greater than debit sales volume. Highlighting this important global milestone reinforces the positive story we have to tell about the evolution of payments here in the U.S.,” he added. In 2003, U.S. VISA debit card volume grew 19.5% to $454 billion, Schultz reported, representing 59% of all transactions and 41% of U.S. dollar volume. This at a time when VISA saw four consecutive quarters of credit card volume growth, he explained.