ST. PETERSBURG, Fla. – PSCU said this morning several of its credit union customers will be the first financial institutions in the U.S. to deploy VISA prepaid chip-based EMV cards later this summer, with another dozen credit unions to follow in the fall.
Prepaid EMV cards deliver full debit card functionality and are designed for credit union members who are working, traveling, living or studying in Canada and Europe and 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 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,” said Michael Kelly, president of PSCU.
The cards can be personalized or non-personalized and sold in branch or on a website. Value can be loaded onto the cards from a web site, IVR, branch, using debit/credit cards, account transfers from checking/savings accounts or through direct deposit.
Cardholders gain stronger security with enhanced card authentication, cardholder verification and transaction authorization. Secure data storage on the chip and issuer-specific keys make the card nearly impossible to counterfeit. The PIN authenticates the cardholder and acts as a second level of security in case the card is stolen.
While magnetic stripe authorizations contain the same encrypted code for every transaction, EMV chip authorizations are processed using unique encrypted data codes specific to each transaction.