ATM Card's Evolution from Cash Access Card to Primary Payment Card
ARLINGTON, Va. -- There has been a clear sea change in the use of CU debit/ATM cards, moving away from being primarily the means for accessing cash at ATMs to becoming more of the universal payment cards the financial industry has long sought.
In the chart at the bottom of CO-OP Financial Services, the transactions attributed to ATMs, as a percentage of the total, remain relatively flat, while debit transactions which are validated by cardholders' signatures or the use of personal identification numbers continued to grow.
The chart above that of Credit Union 24 represents the increase in transactions, as a snapshot taken every December, from year to year. The network attributes the increase both to debit transactions and to an increase in ATM transactions as the network both enrolled more CUs and broadened its network.
In each case the message is the same--credit unions do not have to be one of the top 10 CU ATM deployers to enjoy the benefits of a strong ATM program.
The charts on the left look at the top 10 credit union ATM deployers as of Dec. 2006.