Cyber Monday To Affect Payments, Members, Employees

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ATLANTA — If “Black Friday” last week is any indication, credit unions should expect to see an increase in payments transactions — and distracted employees – today as “Cyber Monday” takes place.

Dubbed Cyber Monday because it is the first full workday of the Christmas shopping season and workers across the U.S. — including CU staff – use their work PCs to shop for deals and make purchases, it is taking place as retailers report strong Black Friday sales. Physical retailers, such as Wal-Mart, Macy’s and Target, said traffic and sales exceeded 2009 levels, as did online retailers such as Amazon and eBay, which also have seen their share prices increase. PayPal, a unit of eBay that handles 16.5% of e-commerce in the U.S., reported a 25% jump in payment volume on Thanksgiving Day, compared to the same day in 2009.

The National Retail Federation reported that nearly nine out of 10 retailers will offer Cyber Monday promotions.

For credit unions, the payments volume should spike and then remain high. Americans made approximately $29 billion worth of purchases online during November and December of 2009.

 

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