We may be catching a glimpse of economic life beyond the pandemic. The Congressional Budget Office said on Monday (Feb. 1) that it sees gross domestic product (GDP) returning to pre-pandemic levels by the middle of this year. But it’ll take some time, as The Wall Street Journal noted, before we get back to the employment rosters seen before COVID-19 hit last year.
That gives us a hint as to what might happen with debit spending, in a trend that was well-evidenced through the latest (and ongoing) earnings season. Namely, it will continue to be a favored payment method among consumers.
To get a sense of the update, at least as seen in data from reports tied to the December quarter, the card networks showed pent-up demand to spend – and though cross-border activity was down double digits, there were notable bright spots. Increases in debit spending helped to buoy results, overall. Consider the fact that, for example, Visa’s overall payments volume was up 4 percent year over year. For the network giant, debit volumes were up 20 percent to $1.2…
