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ISO Corner: Looking Ahead to 2008 |
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We sought out industry leaders at various ISOs (independent sales organizations), payment processors and payment research firms across the country and asked them to go out on a limb and provide us with their thoughts on how the world of electronic transactions will look in 2008.
When one considers card statistics alone, the old rock song lyrics come to mind: “the future’s so bright, I gotta wear shades.” According to CardTrak.com, Americans put more than $2.2 trillion on their major credit cards for purchases and cash advances last year, making 2007 the second consecutive year that credit card purchases have topped $2 trillion. CardTrak doesn’t attribute the credit card spending to any specific cause, but notes that the growth of purchases on credit is still outpaced, on a percentage basis, by the growth in spending with debit cards.
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