Most banks are overspending on debit processing, according to this chart from Cornerstone Vault Data.

Opaque vendor pricing is causing wide variations in what financial institutions pay for debit card processing, according to new research from management consulting firm Cornerstone Advisors.

Debit card processing is huge business – debit card usage has increased at a 15.6% compounded annual growth rate over the last 14 years, and the total revenue from facilitating those payments is expected to jump from $117 billion in 2012 to $177 billion in 2022, the study found. That revenue comes primarily from the average 2% of every debit transaction that goes to payments networks, issuers and vendors.

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