STRATEGIC PARTNERS
February 25, 2002
HOUSTON -- The PULSE EFT Association processed more than 341 million transactions in 1998, representing an increase of more than 30 percent over 1997 volume for the Houston-based operator of the PULSE network.
PULSE transaction volume has grown every year since the network began operation in 1981. In the past year, 174 financial institutions joined the program. PULSE now boasts more than 2,000 members representing approximately 20 million cardholders.
Use of ATM cards for POS transactions represented a significant percentage of overall growth in 1998. One of the fastest growing on-line debit card programs in the country, PULSE PAY's annual transaction volume increased more than 50 percent in 1998, posting in excess of 131 million transactions. More than 115,000 merchants currently participate in the PULSE PAY program.
Mary Brown, PULSE's senior vice president, director of marketing, noted that in 1998 the number of retailers taking debit cards for payment once again grew dramatically. She said that many merchants offer cash back free, and that consumers are taking advantage of the ability to make purchases and get cash back with their ATM card.
"We anticipate volumes will continue to increase dramatically as POS and the use of other electronic payment products such as home banking and off-line debit expand," said Stan Paur, president and CEO of the PULSE EFT Association.
