PSCU launches newest prepaid digital experience platform
CUSO further enhances member experience with My Card Manager
ST. PETERSBURG, FL (October 6, 2021) — As the demand for prepaid cards increases, PSCU, the nation’s premier payments credit union service organization (CUSO), has announced the launch of its newest prepaid digital experience platform. The PSCU My Card Manager mobile app and website enable self-service access, providing cardholders with more control over their reloadable prepaid cards and experience, ultimately resulting in increased member engagement, penetration, activation and usage.
“PSCU is committed to delivering on our digital-first strategy by investing in digital platforms and addressing real member challenges with enhanced solutions that result in a better member experience,” said Cody Banks, vice president of Payment & Fraud Solutions at PSCU. “Member experience is key to ensuring the success of prepaid programs, and My Card Manager provides members with the ability to seamlessly conduct their essential prepaid banking needs through their preferred channel.”
PSCU My Card Manager enables credit union members to view transaction history, check balances, budget and receive real-time alerts. The state-of-the-art mobile app also provides members with the latest security features, including touch ID, face ID, device recognition and lock or unlock card. Specific features include:
- Enhanced, simplified interface
- Card details and member-selected PIN
- Personal financial manager tools
- Multi-card program support and management
- Card controls – lock/unlock and lost/stolen replacement
Recent economic dynamics spurred by the COVID-19 pandemic have increased consumers’ focus on managing their money. New to PSCU’s prepaid program is the Smart Budgets tool, a personal finance money manager that can set money aside toward specific goals and will automatically track 30 days of transactions. After 30 days, the Smart Budgets feature will suggest recommended budgets. Cardholders can also set up notifications to prevent overspending. The Smart Budgets tool is available on both the mobile app and the enhanced website.
“As the popularity of online shopping and cashless purchases continues to increase, we are seeing cardholders explore new forms of payments, including reloadable prepaid cards that protect the primary account while enabling goal-based financial services,” noted Tim Sloane, vice president of Payments Innovation and director of the Emerging Technologies Advisory Service at Mercator Advisory Group. “Loads onto General Purpose Reloadable cards are expected to grow at 13% annually through 2025, while loads onto gift cards are expected to grow at 9% annually through 2025, which means increasing the profitability of prepaid programs is key for credit unions for the foreseeable future.”
The My Card Manager platform is proven to bring higher activation rates, average loads, reload velocity, spend per card and cardholder engagement. State Department Federal Credit Union (SDFCU), headquartered in Alexandria, Va., piloted the program earlier this year.
“PSCU’s My Card Manager platform is easy to use and fast, and the additional functionalities make it a major benefit for our members,” said LaShonda Benson, card strategist at SDFCU. “The ability for members to track spending by category, set aside money toward goals and receive text notifications are also very convenient and beneficial. Additionally, PSCU made the transition to the new platform seamless.”
The My Card Manager website went live earlier this year, with the mobile app launching this month.
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.
