PSCU Financial Services Debuts Contactless Cards for Credit/Debit PlatformsCooperative is first CUSO to Launch New Contactless TechnologySt. Petersburg, FL, March 4, 2008 – PSCU Financial Services announced today that it is the first credit union service organization (CUSO) to launch contactless cards for credit and debit platforms. Effective immediately, the CUSO’s member owners can begin offering the new cards, which are available with the Visa payWave and MasterCard® Paypass contactless technology. The initial market for Contactless cards is small transactions at time-sensitive locations such as fast food outlets, convenience stores, gas stations and movie theaters. With Contactless technology, cardholders (and merchants) save time since the card just needs to be held within two to four inches from the terminal. There is no need to position a card so that the magnetic stripe can be read since a computer chip in the card securely communicates the necessary information. The card also offers an extra layer of security thanks to its use of dynamic card verification. Initial data from MasterCard Paypass research shows an average 30% increase in purchases and 19% increase in transaction volumes; and 17% growth in activation rates at pilot sites where Contactless cards were offered to inactive cardholders. “Contactless cards are a great way for credit unions to differentiate their card offering and appeal to younger members and members of all ages who are interested in using the latest payment technology. It also offers significant time savings to both cardholders and retailers,” said David J. Serlo, President and CEO, PSCU Financial Services. Several member-owner credit unions were pilot sites for PSCU Financial Service’s new Contactless cards. Altra Federal Credit Union, of LaCrosse, Wis., was eager to market this hot new technology to its student members in this college town of about 52,000. The credit union also created a new graphic for its Contactless cards. “Our young members are always eager to use new technology that saves time and looks sharp. Our Contactless cards boast the latest in technology along with a new eye-catching design. It’s still early, but this new card has been very well-received among our members,” said Mary Isaacs, Chief Financial Officer, Altra Federal Credit Union. About PSCU Financial ServicesBased in St. Petersburg, Florida, PSCU Financial Services is the nation's largest credit union service organization (CUSO) and serves more than 1,100 financial institutions nationwide. As a non-profit cooperative, the company is owned by more than 500 member credit unions representing over 11 million cardholder accounts and more than 560,000 online bill payment subscribers. Its Contact Center handles more than 13 million inquiries a year. PSCU Financial Services maintains an Eastern operations center in St. Petersburg, Florida, and a Western operations center based in Phoenix, Arizona. The cooperative’s wholly owned subsidiary, Digital Dialogue, operates two 24/7 call centers in Detroit, Mich., that specialize in member services, new member acquisition, cross-selling and automated lending solutions.Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, prepaid, bill payment and contact center solutions. PSCU Financial Services uniquely offers its members a full range of processing options, any combination from full service to in-house pass through processing for credit, debit and ATM transactions. As a leader in the credit union movement, the company offers gateway access to national and regional networks. It also provides full function ATM terminal driving services. For more information, visit the company's Web site at www.pscufs.com.
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