COVID-19 Pandemic Could Drive Shift To Debit Cards, Visa Says

According to MarketWatch, the coronavirus pandemic is influencing how consumers use credit and debit cards. The article cites a presentation from Oliver Jenkyn, Visa's executive vice president for North America, who stated that consumers are moving away from credit cards, some of which have high fees, and toward debit cards. Based on past consumer behavior — such as consumer migration from credit to debit during the 2008 recession — Visa estimates that this shift could amount to $100 billion.