|Mar '13||Feb '13|
|# of CUs||7,009||7,048|
|Total Assets |
|Total Savings |
|Loans to Savings||66.3%||67.3%|
The growth offers CUs member-service opportunities.
The U.S continues to see sustained growth in payment card volumes in 2011, despite a shaky economic recovery.
U.S. credit card volume increased by $185 billion, or 9.4%, in 2011, while U.S. debit and prepaid volume increased by $199 billion, or 10.7%, according to research by MasterCard.
Smarter consumer spending and saving habits, new regulations, evolving strategies by financial institutions and merchants, and a continued migration to electronic media that's replacing cash and checks are all reasons for growth, MasterCard explains.
The report suggests credit unions can play a role in fulfilling consumer needs as consumers spend and save smarter. Among the recommendations for financial institutions in light of the sustained payment card growth:
• Accelerate the migration away from cash and checks.Read the report here.
• Provide financial counseling to strengthen household balance sheets.
• Cross sell credit cards as a complement to debit and prepaid—and vice versa.
• Use mobile technology to create a consolidated payment experience.