Wells Fargo customers use debit/prepaid cards more than any other U.S. issuer

Wells Fargo press release ------- Wells Fargo & Company (NYSE: WFC) announced today that, for the first time, its customers are now the country’s largest users of debit and prepaid cards by purchase volume, according to 2016 data issued by The Nilson Report. The new ranking, released in The Nilson Report’s April 18, 2017 issue, shows Wells Fargo customers used their debit and prepaid cards to purchase more than $306 billion in goods and services in 2016 . The report shows that debit card usage is up across the banking industry, with purchase volume at the top 50 issuers up 6.7 percent over 2015, totaling nearly $1.7 trillion in 2016. Wells Fargo’s 2016 figure represents an increase of 6.9 percent over 2015, and also comprises nearly 12 percent of all debit and prepaid card purchase volume nationwide. The company’s customers also conducted more than 8 billion debit and prepaid card transactions last year, representing more transaction volume than any other U.S. bank for the second consecutive year. To learn more click on the picture below to read the release.