Credit unions are known for their loyal members. But that doesn’t mean your members are always using your card as their preferred form of payment. To get placed top of wallet, you need to develop a deep understanding of your cardholders and their purchasing habits.
As a merchant acquirer, Worldpay has visibility into the purchase activity of 161 million credit and debit cards, representing 82 million U.S. households. Armed with this huge cache of data, we are able to isolate and analyze differences in cardholder shopping trends between credit unions and national banks.
One trend we’re watching closely is the growth of recurring payments. As more cardholders load and save their cards with online subscription services, this becomes an increasingly desirable category.
Although credit unions grew recurring payments as a percentage of total volume by 65 percent in 2017, national banks did even better at 80 percent. The result? National banks increased their market share in this category, and now hold nearly 75 percent share versus credit unions.
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