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Capital One’s Decoupled Debit Dard: The End of Interchange? |
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According to payments industry consulting firm Mercator Advisory Group, last year consumers opted for paying by debit as frequently as by credit. And this year debit card transactions are predicted to surpass credit card sales by market share. In this type of growth market, there are many opportunities for creative incarnations of debit cards and associated rewards. Yet Capital One Financial Corporation has managed to leapfrog all of its competitors with what some observers are calling a major breakthrough in card issuing. Its decoupled debit card product relies on settlement through the automated clearing house (ACH) network and does not require cardholders to have a demand deposit account with Capital One.
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