Credit, debit, and prepaid cards issued in the United States initiated 104.41 billion purchase transactions in 2015, up 8 percent from the previous year, according to The Nilson Report.

Spending for goods and services on these cards totaled $5.805 trillion, up 7.4 percent over 2014. By 2020, purchase volume is projected to reach $8.226 trillion.

“Credit, debit, and prepaid cards spending continues to grow faster than personal consumption expenditures in the U.S. as card issuers and retailers provide incentives to move more spending onto payment cards,” said David Robertson, publisher of The Nilson Report.

At the end of 2015, there were 6.26 billion credit, debit, and prepaid cards in circulation in the U.S. The number of cards in circulation is projected to reach 7.3 billion by 2020.

In 2015, credit cards accounted for 53.47 percent of all spending and debit cards for 46.53 percent.

Visa debit cards had the largest market share with 23.66 percent of spending volume. Visa credit cards were second with a 23.15 percent share, followed by American Express credit cards (12.36 percent), MasterCard credit cards (11.24 percent), and MasterCard debit cards (9.99 percent), the report said

In 2020, credit cards are expected to account for 56.7 percent of purchase volume across the U.S.

By that time Visa credit cards are expected to have a greater share of purchase volume, (27.19 percent), than Visa debit cards (22.49 percent), followed by American Express credit cards (11.56 percent), MasterCard credit cards (11.35 percent), and MasterCard debit cards (9.75 percent).