HOUSTON — Credit union debit card issues will likely continue to affect the payment method's strong growth as well as its challenges, a comprehensive industry survey suggests.
The PULSE EFT Association, a division of Discover Financial Services, commissioned the management consultant firm of Oliver Wyman to interview 62 financial institutions that issue debit cards in February 2008. The mix of institutions interviewed included 31 large banks, 19 credit unions and 12 community banks. The sample incorporated more than 74 million debit cards and 46,000 ATMs.
Tony Hayes, partner with Oliver Wyman, told reporters April 29 that the survey found the debit industry to be robust. Just under 16,000 financial institutions issued more than 263 million debit cards consumers used to purchase $30.9 billion in goods and services, which in turn generated $12.5 billion in card interchange for their issuers.
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