The global pay-later card market, including credits cards, charge cards and store cards, took a hit during the economic downturn, as consumers moved towards pay-now and pay-before products that allowed them to monitor their spending more closely during the economic downturn. Pre-paid and debit have been the fastest-growing methods of payment worldwide for the last decade, as these cards have been used both as a financial tool for reaching the unbanked and underserved populations, as well as a budgeting tool for the financially savvy.
During the global financial crisis, consumers became increasingly aware of their debt obligations, and debit cards became an attractive means to manage expenses. However, the impact of credit on payments cannot be ignored. While debit and pre-paid cards are the fastest-rising payment types, credit continues to contribute significant growth in absolute volume with US$1.9 trillion added via this payment type between 2007 and 2012.
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