CU Turns Website Into Game
LAKE MARY, Fla.-The $1.1-billion CFE FCU here has turned its website into a virtual board game through a "You Deserve The Best" Web Hunt game. The game allows members and prospects to search its website for interactive game pieces strategically placed on different pages throughout the site, including one on its Facebook page. During the eight-week campaign, players have a chance to win 10 different prizes totaling $3,000. When players collect all 10, they are entered for a chance to win a grand prize of $1,000. CFE FCU reported the game had boosted its Facebook friends to more than 2,200. The game was created by Code Green, Gaithersburg, Md.
For info: www.codegreen.org/cuwebhunt
Rivermark Intro's Platform
BEAVERTON, Ore.-Rivermark Community CU has introduced a new Internet banking platform that includes free mobile banking, personal finance management and account-to-account funds transfer. In addition to traditional bill pay and presentment services, Rivermark implemented Express Pay, which allows members to send an expedited payment for same-day credit to avoid costly merchant late payment fees.
For info: www.rivermarkcu.org.
Economy Changing Payments
SAN FRANCISCO-A new Javelin Strategy & Research report finds that the economic downturn has not dampened consumer online spending, but it is changing how consumers pay for their purchases. With the Federal Reserve proposing changes to merchant debit card transaction costs, these shifts take on increased significance, Javelin noted.
The report, "2010 Online Retail Payments Update and Forecast: Shift in Consumer Payment Behavior-A Temporary Reaction or a New Reality?," noted that while still the most common online payment, credit card use fell from 44% of online total payments volume (TPV) in 2009 to 40% in 2010. At the same time credit card transaction velocity-or the average number of times that a card is used per month for online purchases-fell significantly.
As a result, the payment mix has become more broadly dispersed over a variety of payment methods, the report found. Debit cards increased their market share to 29% of total online purchase volume in 2010, although consumers are not solely replacing their credit card purchases with debit. Nontraditional payment methods such as online alternative payments (PayPal, Google Checkout and Amazon) as well as gift cards, store branded credit cards and prepaid cards also gained market share and are forecast to continue to grow in the coming years.
For info: www.javelinstrategy.com.