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CU System
PSCU Financial CUs on forefront of EMV chipPIN wave
ST. PETERSBURG, Fla., and SUITLAND, Md. (8/12/11)--News that Visa has announced it will accelerate its migration to Europay, MasterCard and Visa (EMV) chip technology in the U.S. comes at a time when PSCU Financial Services is positioning itself to be one of the first in the credit union industry to offer plastics that incorporate both the EMV smart chip and personal identification number (PIN) technology. The St. Petersburg, Fla.-based credit union service organization (CUSO) worked with Suitland, Md.-based Andrews FCU to launch the new card, which is now available to all PSCU Financial Services' member-owners. EMV integrated circuit cards are used widely in Europe and other regions because it offers higher security than magnetic stripe. EMV cards that offer PIN approval are preferred by international travelers because they can be used at unattended kiosks and ATMs, said PSCU Financial. "This card is a significant advantage for our credit unions that serve government, military or professional members who travel internationally," said Michael Kelly, president/CEO of PSCU Financial Services. Andrews FCU President/CEO Chris McDonald noted that its members stationed overseas and those who travel frequently "have been asking for this." The credit union currently offers a magnetic stripe Visa platinum rewards card. The new Globe Trek Visa Rewards credit card will offer the same rate and rewards program as the current platinum card, but will combine an EMV chip with PIN technology. The credit union plans to initially offer the new Globe Trek Visa Rewards card to current cardholders living near six branches in Belgium, the Netherlands and Germany. Visa said that encouraging investments in EMV contact and contactless chip technology will speed up the adoption of mobile payments and improve international interoperability and security (IT Web Business Aug. 11). Chip cards require upgrades to merchant terminals, which have not been widely deployed yet in the U.S.


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