2003 EDC press clippings:

Intele-Card News - December 1, 2003

2003 ABA Bank Card Survey Reveals Growth Trends in Debit and Credit Cards
Banks are firmly committed to growing their debit card programs as they play an increasingly important role in banks’ overall payment product diversification strategy. As these organizations explore ways to compensate for the anticipated market shifts in the post-Wal-Mart lawsuit environment, the 2003 ABA Bank Card Industry is survey offers a roadmap for banks fully committed to a debit card strategy. With its findings, banks can re-evaluate their card programs, assess their competitive position, or develop new competitive bankcard programs with a clearer strategic direction.

Credit Card Management - October 1, 2003

Smart banks are organizing around the customer to market various products and services says EDC's David Poe
For the first time ever, the card industry can offer “pay before” (stored value cards), “pay now” (debit cards) and “pay later” (credit cards) products. However, instead of being fixed on individual product silos, smart banks are adopted an integrated payments strategy and organizing around the customer to market products and services. 

American Banker - August 25, 2003

Larger banks are still dependent on interchange as a source revenue says EDC's David Poe
Despite a 30% reduction in signature debit interchange fees that took effect Aug. 1, interchange remains banks' chief source of debit card revenue, according to the 2003 ABA Bank Card Industry Survey, conducted by Edgar, Dunn & Company. While the survey preceded the Wal-Mart settlements, David Poe, CEO of Edgar, Dunn & Company, reports that findings are nonetheless valid because EDC has since conducted follow-up surveys. Poe states that larger banks are more dependent on interchange as a source of revenue, and they tend to drive more purchase volume versus smaller banks, as compared to ATM volume because they promote the cards more for everyday spending. Further, smaller banks tend to charge transaction fees to their customer more than larger banks.

New York Times - August 10, 2003

Banks plan to offer more stored-value cards to broaden customer base
“Next gen” debit cards, which offer individuals without established bank accounts access to the advantages of carrying “plastic,” are growing in popularity with banks and consumers alike. Twenty-one percent of banks that issues debit cards say they are planned to offer stored-value cards in 2003, up from 8 percent in 2002, according to the 2003 ABA Bank Card Industry Survey [with analysis from EDC]. From the banks’ perspective, issuing these cards enables them to broaden their customer base. For consumers, its translates to credit card-ease transactions at check-out or the ability to access cash from an ATM.

Cardline - August 1, 2003

Banks see debit cards as a major strategic growth area
According to the 2003 ABA Bank Card Industry Survey Report, banks see debit cards as a major strategic growth area, and they will encourage debt card use through a variety of methods, for instance, to replace cash, and for recurring and Internet payments. In addition, banks will issue a variety of debit cards, including stored-value cards, payroll cards and gift cards, to pump up the use of debit cards among consumers. The survey was conducted before card associations reached out-of-court settlements concerning debit card interchange rates, therefore, the settlements may cause some banks to revisit their numbers concerning debit's potential growth.