Credit: New and ready to grow?

by: Bill Prichard

On the face of it, credit cards haven’t changed much since their introduction decades ago. Plastic cards are so familiar that they’re iconic. But the inner workings of the credit cards issued by CO-OP’s credit processing clients have changed dramatically in the past 12 months. New options make the credit experience more secure, powerful, flexible and rewarding. If you’re hoping to make credit a growth area this year, offering a new experience may be the differentiator you’re looking for.

Sound like too much to ask of a little plastic card? Consider the developments:

EMV: Cards embedded with EMV chips are now available to clients who use CO-OP in-house credit processing and CO-OP full-service credit processing through The Members Group. EMV-enabled cards improve security on card-present transactions, making them a popular option for members and a money-saver for credit unions.

Apple Pay and Tokenization: This was a late entry and a surprise to boot. When Apple announced its new tokenization-driven mobile payments app in September of last year, credit unions wondered how they’d ever get on board. It’s happening now. CO-OP is an engaged issuer-processor for Apple Pay and Visa, which means CO-OP can directly facilitate tokenization service and Apple Pay enrollment for credit processing clients. CO-OP is also helping credit clients get up and running with MasterCard’s tokenization service for Apple Pay participation.

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