Credit union service organization PSCU announced it is the first financial services provider to issue VISA prepaid EMV cards in the United States. Several of the CUSO's client credit unions will begin issuing the new cards later this summer and more than a dozen credit unions plan to deploy prepaid EMV cards this fall.
The prepaid EMV cards will deliver full debit card functionality and are designed for credit union members who are work, travel, live or study in Canada, Europe or other regions where EMV technology is the preferred method for payment processing. The cards also contain a magnetic stripe for use in the U.S.
"We're on a mission to keep credit unions in front of the demand curve," said Michael Kelly, CEO and president of PSCU. "That means decisively seizing emerging technology opportunities to give our credit unions a leading role in the payments market. We are the first financial services provider to launch Prepaid EMV cards in the U.S., and we're empowering credit unions to attract more members and reach consumer segments that need both domestic and international spending power."
Users of VISA Prepaid EMV cards can avoid purchase declines by merchants that only accept EMV cards. Cardholders also gain stronger security with enhanced card authentication, cardholder verification and transaction authorization, said a news release from PSCU.
For more on this topic, visit the EMV research center.