Friday, March 18, 2011
Credit volume growth overtakes debit
Consumer card spending jumped 8.5 percent in February 2011 over the same month in 2010, according to First Data Corp.'s SpendTrend analysis. The dollar volume growth exceeded January's year-over-year increase of 7.4 percent. Consumers demonstrated renewed faith in the economic recovery as the unemployment rate dropped to 8.9 percent in February, according to First Data.
For the first time in over two years, credit dollar volume growth of 9.9 percent was higher than debit growth. Signature debit volume grew 8.7 percent year over year, while PIN debit grew at just 6.1 percent. Average ticket growth of 0.1 percent for the month was due exclusively to rising gas prices. In the travel industry, dollar volume growth was 13.6 percent, again partially due to rising fuel prices.
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
Notice to readers: These are archived articles. Contact information, links and other details may be out of date. We regret any inconvenience.
