VISA debit processing tops credit for the first time
SAN FRANCISCO - VISA USA processed more debit transactions than credit transactions in the first six months of 2002, a first for the San Francisco based credit card association which has recently become a firm. The payment card association processed 3.04 billion purchases made on Visa check cards, its signature-based debit product, and 2.96 billion made on Visa credit cards in the six months. According to The Nilson Report, the number of Visa debit card purchases rose 23% from the first half of 2001. Credit card purchases rose 0.8%. "Visa has been tracking these numbers for quite some time," said Stacey Pinkerd, the company's senior vice president for debit and prepaid products. "We've seen debit card usage outpacing credit for quite some time. We knew it would catch up.