HOUSTON -- Pulse EFT Association says that its transaction volume totaled more than 955 million in 2002, an increase of 34 percent. Pulse achieved a monthly high of 88 million in December.
In 2002 the network processed more than 336 million ATM transactions, an increase of 22.5 percent, and PIN debit transactions jumped to 431.7 million, a rise of 28 percent.
In addition, Pulse increased its membership by more than 25 percent with 775 new financial institutions, including nearly 500 that joined following a merger agreement with the Tyme network.
According to a news release, Pulse also introduced a number of value-added services to financial institutions in the program, including Signature Points, the first signature debit loyalty rewards program ever developed and offered by an EFT network, and Pulse Online, an Internet banking product.
Other achievements in 2002 included the addition of major retailers such as Auto Zone, The Home Depot, Kohl's and Lowe's to the list of Pulse Pay merchants across the country, and the commission of a debit issuer survey of financial institutions representing 80 million cardholders that was produced by Dove Consulting.
"The changes in network ownership and control over the past few years have benefited Pulse by highlighting the important differences between our association and our competitors," said Stan Paur, Pulse president and CEO, in the release.
"The financial community, as a result of the sale of key delivery channels, is at risk of losing its influence over critical elements of the payments business. Pulse's value to banks, savings institutions and credit unions is enhanced as our association grows."
