Payment processor Stripe has added a new feature to transfer money to recipients through debit cards. Users can now use the service to pay recipients with their debit cards, a payment method that’s becoming more popular but is also cumbersome and prone to errors, according to Stripe’s blogpost announcing the new feature. There’s significant data on the meteoric rise of debit card usage in the United States. As we wrote last year, debit card payments have increased an astounding 532% per household since 2000 in the U.S. However, with debit use on the rise, there has also been a rise in overdraft fees — and fraud. Card fraud is potentially more dangerous with debit cards because they are linked to users’ bank accounts, rather than lines of credit. During the same time period, check usage has declined 53% and ACH payments have risen 413%, indicating that Americans are becoming more accustomed to working with digital payment methods. as opposed to traditional ones. In a blogpost, Stripe wrote, “Having to dig up a bank account number is inconvenient and mistakes are common. Almost everyone has a debit card in their pocket, though. Building your payout flow around debit cards enables a […]
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