SANTA BARBARA, Calif., March 19, 2025 (GLOBE NEWSWIRE) — Credit, debit and prepaid cards issued in the US were used to pay for $11.903 trillion in goods and services in 2024, a new record. Also a record was the $187.20 billion in processing fees US merchants paid to accept card payments, according to the Nilson Report, the leading publication for executives in the global payment card industry.
“For every $100 in card payments merchants accepted in 2024, they paid $1.57 in fees to the companies that issue cards and process transactions,” said David Robertson, Publisher of the Nilson Report. “Over the last 10 years, the weighted average has fluctuated between 1.45% and 1.57%.”
Purchase volume on credit cards alone reached $6.464 trillion last year on cards carrying the American Express, Discover, Mastercard and Visa brands plus store, gasoline, medical and other types of private label credit cards. That number was up 5.1% over 2023. Merchants paid $148.52 billion in processing fees to accept those credit cards, up 9.3% from 2023.
US debit and prepaid cards accounted for $5.439 trillion in purchase volume in 2024, up 6.7%. To accept payments using debit and prepaid cards, merchants paid $38.68 billion, also an increase of 6.7%.
ABOUT THE NILSON REPORT
For more than 54 years, the Nilson Report has been the most respected provider of statistics and news about the global payment card industry. Available worldwide by subscription only, the Nilson Report does not accept advertising of any kind, nor can any company pay to be featured on its website or in its publications.
For more information or to request an interview with David Robertson, contact: Lori Fulmer, lfulmer@nilsonreport.com. Visit www.nilsonreport.com to begin a free trial subscription.
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