ST. PETERSBURG, Fla. — Year-over-year debit and credit sales volume grew by 7.86% among PSCU credit unions during the 2019 holiday season, the CUSO reported.
PSCU noted the growth outpaced the market rate growth of 4.1% during the same period.
PSCU credit unions also benefitted from substantial year-over-year transaction growth of 7.14% during the period, the company said.
In line with what PSCU said are the findings of its 2019 Eye on Payments study, which showed an increased preference for debit among consumers, debit growth outpaced credit growth for PSCU credit unions during the 2019 holiday season. Debit sales volume grew 8.76% year over year and debit transactions grew 7.4%, while credit sales volume and transactions both grew at 6.4% for PSCU credit unions.
Fewer Shopping Days, But…
“Despite six fewer shopping days between Thanksgiving and Christmas in 2019 than in 2018, PSCU owner credit unions saw nearly double the year-over-year market growth rate in sales,” said Scott Wagner, executive vice president, chief revenue officer at PSCU. “We are pleased that our efforts to help drive sustained growth and an unparalleled experience for our credit unions are helping them continue to outpace the market. PSCU’s Advisors Plus continues to help our credit unions optimize their portfolios, fuel sustained growth, accomplish their goals and maintain top-of-wallet status with their members.”
To calculate 2019 holiday data, PSCU said its Data & Analytics and Advisors Plus teams compiled and analyzed information from credit unions that leveraged the CUSO for debit and/or credit processing during both the 2019 and 2018 holiday shopping periods. PSCU said it compared year-over-year data from two full-month periods.
Also Worth Noting
Additional observations from the 2019 holiday season include:
- 18% of total cardholder spend on Thanksgiving, Black Friday, Cyber Monday and Super Saturday was conducted within retail store categories. Of that volume, card-present transactions at retail stores experienced growth in both debit and credit, with 9.5% growth on debit and 10% growth on credit over these four days.
- For the overall holiday season, the average online transaction amount grew by 10% on debit and 11% on credit.
- Use of mobile wallets by members of owner credit unions increased by 116% with PayPal, Apple Pay and Samsung Pay as the leading choices among consumers
‘Essential Data’
“Detailed, comprehensive and accurate data and analysis are critical to both PSCU and our owner credit unions,” said Tom Gandre, executive vice president, chief operating officer at PSCU. “As we consult with our credit unions to help develop tailored growth solutions, having this data available is essential to guiding decisions as we work together to provide the most relevant, effective solutions for their members.”