Debit network choices matter. Here’s why.

It’s no exaggeration to say billions of dollars in incremental interchange is up for grabs right now, particularly when it comes to debit programs.

Even amid fears of a recession and the challenges of inflation, consumers are continuing to make everyday purchases with their debit cards. In fact, Visa’s Q3 2022 report showed that overall payments volume was up nearly 8 percent. Debit purchases made up $1.4 trillion of the $2.9 trillion spent across Visa’s network alone. That’s not surprising given S&P Global’s observation of the large jump in numbers of Gen Zers, millennials and Gen Xers who use debit as their primary payment card.

Becoming more strategic in the selection of a debit card network is one way credit unions can address three of the movement’s most pressing priorities: Earnings, Expenses and Experience. These are the ongoing pain points credit union leaders have shared with Co-op’s team, most recently during the CEO Summit events and Co-op THINK.

Co-op understands the urgent need to solve for the Three E’s, and we are making big moves to put credit unions in the best position to do exactly that.

 

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