5 Must-Reads: See How We Grow!

May 26, 2017 CO-OP Financial Services

A double-digit increase in card purchases and a return to prerecession highs in credit card usage spell one thing: growth. See how the numbers play out below, along with a few stories about potential growth drivers for the future.

Payment Cards See Double-Digit Growth in 2016
Mobile Payments Today
Card purchases are up worldwide. Global card purchase volume for goods and services (excluding cash advances on credit cards and cash withdrawals on debit cards), grew 5.8 percent to $20.606 trillion in 2016, according to The Nilson Report.

Credit Card Usage Now at Prerecession Highs
A sizeable 171 million consumers now have at least one credit card account; the average consumer has 2.7 cards. That means a whopping 405 million credit cards issued in the U.S., according to TransUnion, and a return to prerecession levels of credit card access.

Strong Credit Union Loan Growth in 2017
After three years of double-digit loan growth at the nation’s credit unions, will 2017 deliver similar results? Here’s the case for continued optimism, along with solid reasons why credit unions will succeed where other lenders might see a slowdown.

Will Consumers Order Food from Their Facebook Apps?
Select Facebook users can now order and pay for food directly from their Facebook pages. Facebook’s “Order Food” feature marks a new level of effortlessness in payments. Will this lead to more transactions?

Mobile Payments with Your Current Google Account
Payment Week
Google announced at its recent I/O developers’ conference that mobile payments are on their way to Google accounts. Gmail, YouTube and Google Play users will be able to link a card to their accounts and shop wherever they’re invited to “Pay with Google” using regular Google credentials.

The original article 5 Must-Reads: See How We Grow! can be found on Insight Vault.

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