Banks plan to expand debit card product lines and invest in technology to grow their card operations, according to the American Bankers Association’s (ABA) 2003 Bank Card Survey Report. The survey examined growth strategies for card issuers and merchant acquirers in 2003 and provides a five-year forecast for growth opportunities. In terms of growth opportunities over the next five years, debit cards as check replacement ranked first for all bank-size categories. On the credit card issue, the research found that technology investments and loyalty programs are expected to lead growth for consumer credit card issuers. Beyond 2003, forecasted growth areas over the next five years include modifications to existing consumer credit card products, electronic bill presentment and payment, Internet payments and recurring payments. The report was compiled by ABA with analysis from San Francisco-based Edgar, Dunn & Company, a global strategy consulting firm.
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