PSCU Financial Services this week reported a record year for debit and credit card transactions processed despite the economy and the turmoil in the nation’s financial markets.
“We did have a good year despite what was going on,” says Merry Pateuk, a PSCU spokesperson. “We saw an increase in [credit unions] joining our debit platform. And I can’t say this for sure, but more consumers are reaching for their debit cards at the point of sale.”
The St. Petersburg, Fla.-based credit-union service organization says it processed 1.07 billion debit and credit card transactions in 2009, up 17.3% from 912 million the previous year. Of those totals, PSCU processed 783 million debit card transactions, up 21.7% from 643 million. PSCU reported processing 285 million credit card transactions, up 5.9% from 269 million. Both were records, Pateuk says.
PSCU reported 31% growth in 2009 processing net income and 9% growth in 2009 processing revenue, but Pateuk declined to release actual figures until the audit is complete.
PSCU’s 645-member credit unions issue PIN and signature-debit cards supported by Visa Inc. and MasterCard Worldwide. They also issue Visa- and MasterCard-branded credit cards.
