FORT LAUDERDALE, Fla. - An executive with Fidelity National Information Services has given some scope to the amount of damage card transactions and volumes have taken due to economic downturn.
Robert Bream, President of North American Card Services for FIS, told credit union card executives attending the Card Services for Credit Unions 20th anniversary annual conference that MasterCard transactions for the last three months of 2008 were down 10% below the previous year and transaction volumes were down 6%.
Visa does not report numbers on the same schedule but Bream said the company's executives expect their numbers will be the same.
Bream said transactions on FIS processed cards were down 7% for the last three months of 2008 and volumes were down 10%. Bream attributed the drop to consumers cutting back on spending but also on the lower prices for gasoline. Gas purchases make up 13% of debit card transactions and 7% of credit card transactions so lower prices there have meant lower card volumes as well, he noted.
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