Canadians are expected to swipe their debit and credit cards at a record pace today according to Bank of Montreal’s Electronic Banking Services Division.
“The last few days before Christmas typically make or break the entire year for large and small retailers,” said Wendy Porter, Vice-President, Merchant Services, Bank of Montreal. “We’re expecting retailers equipped with our terminals to make approximately 115 credit and debit card transactions per second at some point in the afternoon on Christmas Eve, as last-minute shoppers flock to the stores in search of that perfect gift.”
Ms. Porter noted that Bank of Montreal is expecting to process close to 43 million debit card transactions this month, an increase of 40 per cent over the monthly average. On the credit card side, she estimated over 33 million transactions, nearly one-third more than the monthly average.
As of December 22, Bank of Montreal processed more than 32 million debit card transactions for the month and close to 25 million credit card transactions.
According to Ms. Porter, the average debit card transaction is estimated at about $50; the average credit card transaction is estimated at just over $90. Bank of Montreal operates 50,000 debit point-of-sale terminals across Canada.Details