Eye-Popping PIN Debit

  • JJ Hornblass
  • November 9, 2012
  • 0

Here’s a data point that deserves notice: PIN debit volume in the US spiked 6.7% last month.

Yes, you read that right, 6.7%. With growth rates like that, PIN debit could finally hit the big time in this nation sooner rather than later.

That growth rate was October was healthy “as shoppers became less pessimistic about the economy,” according to First Data, which published the statistics today. “Improved consumer sentiment and a pullback in savings continued to support spend.”

Overall electronic payments transaction growth, however, slipped to 5.9% in October compared to 6.3% in September. That is still a strong number for overall electronic payments growth, though.

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JJ started the first iteration of Bank Innovation back in 2007, and has been working on it ever since. He also serves as President & Chief Executive Officer of Royal Media, Bank Innovation’s parent. He founded Royal in 1995 and oversees all aspects of the New York-based diversified media company. Prior to forming Royal, JJ was on the editorial staff of American Banker, the daily newspaper, and worked as an editor of a business magazine in Hong Kong. As a reporter and editor, he has won journalism awards from the National Press Foundation, Newsletter & Electronic Publishers Foundation, and the Reader’s Digest Foundation. He has a BS in Economics from Yeshiva University and a Master’s from the Columbia University Graduate School of Journalism. He was also a Fellow at the University of Wisconsin-Madison Graduate School of Banking. He lives in New York City with his wife, two daughters, and son. He counts among his accomplishments one New York City Marathon, two New York City Triathlons and the 2010 Father’s Day 5K, the first race he ever ran with his daughters. He can be reached at hornblass@gmail.com or 212-564-8972.

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