CO-OP Offers Analysis On What Should Be Learned From Payments Study

RANCHO CUCAMONGA, Calif.–CO-OP Financial Services has released an analysis of the Federal Reserve’s recently released 2016 Payments Study.

In a blog posting, CO-OP said various “thought-leaders” has examined the study, and said credit unions should pay attention to the following:

1. Credit card usage surged from 2012 to 2015.
2. Debit transactions are also on the rise. 
3.  Usage of prepaid cards is up.
4. Cash payments are declining.
5. P2P and other ad hoc transactions are not cannibalizing card payments entirely.
6. Fraud remains a major concern. 

The “bottom line,” according to CO-OP’s analysis, is that “Increasing card usage, and particularly credit card usage, is key to growing your income from interchange, interest and other fees. And no matter what happens to interchange rates, transaction volume is essential to maintaining top-line revenue growth. So take every measure to ensure that your cards outperform the competition – handily.”

The full blog posting can be found here http://ht.ly/cTxB3092VxS