First Data releases October SpendTrend

First Data Corp. issued its October 2011 SpendTrend analysis tracking monthly consumer credit, signature debit, PIN debit and EBT card use in the United States. The study showed transactions for the month grew to the highest level in eight months, a trend that could extend into the holiday season.

"Consumers continued to spend in October," stated Silvio Tavares, Senior Vice President and Division Manager of First Data Global Information and Analytics Solutions, which publishes SpendTrend. "Both transaction growth and credit card spending were up significantly indicating consumers are increasingly disposed to spending heading into the crucial holiday season."

Dollar volume growth held steady in October at 9.4 percent, compared with 9.5 percent in September. Transactions grew by 7.5 percent in October 2011 – the highest monthly gain since February 2011. The survey showed dollar volume growth for the month reached a 13-month high for food and beverage stores at 9.3 percent.

Inflation pushed average ticket growth up 2.3 percent for the second consecutive month. The average ticket price slowed in growth 1.8 percent in October as gas prices fell from their summer peak, down from 2.2 percent reported the previous month. On average, merchants saved 20 cents per transaction following the Oct. 1, 2011 implementation of the Durbin Amendment to the Wall Street Reform and Consumer Protection Act of 2010.

In other company news, First Data's binding corporate rules for data privacy were authorized by the United Kingdom Information Commissioner's Office. The rules have now been approved by data protection authorities in 18 European Union member states. As the eleventh company to earn Information Commissioner Office approval, First Data becomes one of the few companies in the world to have completed the global data privacy practices process.

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.