DEARBORN, Mich. -- Magic Line, the Midwest's largest electronic funds transfer (EFT) network, today released its record 1997-1998 fiscal yearend statistics.
As of fiscal yearend 1998, Magic Line cardholders increased by one
million from 14.9 million in 1997 to 15.9 million in 1998. For the month of August, POS transaction volume hit record levels, increasing from 2,492,950 online transactions in 1997 to 3,393,088 in 1998, up 36%, and from 1,110,660 offline transactions in 1997 to 1,508,254 in 1998, up 36%. Total transactions for the year grew by 14 million from 165 million in 1997 to 179 million in 1998.
Magic Line's ATM terminal driving rose 27% and over 400 banks and credit unions with over 600,000 cardholders use Magic Line for offline debit services, an 18% increase.
"Magic Line's support of debit products and services and our fiscal
yearend growth reflect a major industry trend. Consumer acceptance of electronic delivery, and the demand for its convenience, are rapidly
growing, " said John G. Bascom, president and chief executive officer
of Magic Line, Inc.
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