May 21, 2013 About E-Scan | Knowledge @ Wharton | Credit Union Magazine [ Log in ]

Article Tools

CU Snapshot

 Mar '13Feb '13
# of CUs7,0097,048
Members
(millions)		96.796.4
Total Assets
($ billions)		1,080.41,062.5
Total Savings
($ billions)		931.1914.6
Net Cap.
/Assets		10.2%10.4%
Loans to Savings66.3%67.3%
Loan Delinq.1.0%1.1%

         Credit Union Indicators

Payment Card Volumes on the Rise

The growth offers CUs member-service opportunities.

June 27, 2012

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.
• 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.
Read the report here.