PSCU launches Digital Issuance Solution
Includes push provisioning to Apple Pay, Google Pay and Samsung Pay
ST. PETERSBURG, FL (December 10, 2020) — In an effort to continue enhancing credit union member experience, PSCU – the nation’s premier payments credit union service organization (CUSO) – has announced the launch of its newest digital solution, Digital Issuance. Now available to Owner credit unions, PSCU Digital Issuance creates seamless, uninterrupted payment experiences and enables cardholders to continue transacting digitally, even in the absence of their physical card.
“A lost or stolen card can be a major inconvenience for cardholders and credit unions alike. In a lost/stolen situation, not only are members forced to wait for a replacement plastic to arrive in the mail, but credit unions also experience a decrease in transaction revenue,” said Cindy McGinness, vice president, Digital Experience at PSCU. “This problematic scenario will become obsolete for Owner credit unions and their members through the use of PSCU Digital Issuance, which provides the secure, real-time ability for members to continue transacting without interruption.”
Features of PSCU Digital Issuance include:
- Push provisioning, where users can push active card and/or new card information after a lost/stolen situation directly from the credit union’s app to any of the three major digital wallets – Apple Pay, Google Pay and Samsung Pay – enabling purchases wherever digital wallet payments are accepted
- Card add/remove automation, or the capability to automatically associate a newly generated card with the old lost/stolen card without requiring the user to manually add or authenticate the card
- Card credentials access, which allows users to view the full card number, expiration date and CVV information after going through a multi-factor authentication process
Bank-Fund Staff Federal Credit Union (Washington, D.C.), the first PSCU Owner credit union to pilot Digital Issuance, saw more than 1,200 net-new cardholders add their cards to the Apple Pay mobile wallet since launching in March 2020.
“At Bank-Fund Staff Federal Credit Union, we appreciate the speed, efficiency and ease of use that digital issuance of new cards provides our members located around the world,” said Joel Huxley, vice president of Payments at Bank-Fund Staff Federal Credit Union. “With PSCU Digital Issuance, we can now instantly place a card in the member’s digital wallet for immediate use, regardless of their location. That really helps us ‘be there’ for our members, even when we’re far away.”
PSCU Digital Issuance comes at a time when digital adoption is on the rise as a result of COVID-19, according to PSCU’s third annual Eye on Payments study. In 2019, 32% of respondents were likely or extremely likely to use a mobile wallet over the next six months. In 2020, this increased to 38%. Usage of mobile wallets among credit union members increased by 40% – up from 15% in 2019 to 21% in 2020 – when asked if they had utilized a mobile wallet in the 60 days prior to completing the survey. In addition, more credit union members (49%) report using a mobile wallet than non-credit union members (28%).
To learn more about PSCU Digital Issuance, visit pscu.com/digital-issuance.
About PSCU
PSCU/Co-op Solutions is the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider. With over four decades of industry experience and a commitment to service excellence and innovation, the company serves more than 4,000 financial institutions throughout North America. PSCU/Co-op Solutions leverages its expertise and resources on behalf of credit unions and their members, offering an end-to-end product portfolio that includes payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, shared branching and 24/7/365 member support via its contact centers. For more information, visit pscu.com and coop.org.
