DES MOINES, Iowa (2/2/16)--The card-issuing partners of payments processor The Members Group (TMG) increased their credit and debit portfolios by 15% on average in 2015.
Overall spending on all credit and debit cards processed by TMG was up 32% year-over-year.
“The financial institutions that have selected TMG as a processing partner are progressive, innovative and tenacious in their pursuit of growth,” said Shazia Manus, CEO of TMG. “Their ideas and expertise work in concert with that of TMG’s to produce outstanding experiences for the consumers they serve, and that translates to growth.”
Ninety-eight percent of TMG’s credit clients have successfully converted their mag-stripe cards to EMV chip cards; 40% have either completed the same or are in process to completion on the debit side. As for digital wallets, 75% of TMG’s clients have enrolled in at least Apple Pay, if not also Android Pay and Samsung Pay.
Client success has translated into success for TMG, which now serves seven of the 13 largest U.S. credit unions. In 2016, TMG will more than double conversions (new or current partners moving card programs from another processor) compared with 2015 levels. In 2015 alone, the company improved revenue by more than 20%, positioning the processor for investment in future technology. In addition, TMG saved its issuing partners more than $40 million in potential fraud losses, a 31% increase over 2014 fraud savings.