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Consumers’ migration to using contactlesspayment methods more often for their speed and convenience was only accelerated during the onset of the pandemic last year. It is easy to see why contactlesspayments are growing in a time of social distancing and touchless safeguards to prevent spreading the virus.
A transformation toward contactlesspayments is underway at the nation’s creditunions as the public shuns cash and even physical cards to lower infection risks with COVID-19. The High Stakes Of Offering Contactless. CU members in particular have a growing appetite for digital payment options.
To that end, according to Scott Young, PSCU ’s vice president of innovation, creditunions (CUs) seeking to cement customer loyalty through tech-driven innovation need to keep one mantra top of mind: “Easy is the new loyalty.”.
In an interview with PYMNTS, Jeremiah Lotz, managing vice president of Digital Experience and Payment Products at PSCU , said the timing is right for the shift to contactless. His comments came in the wake of findings by creditunionserviceorganizations that a rush to adopt contactless cards is likely to come in 2020 and beyond.
Paymentscreditunion PSCU is prepared to handle what they predict will be a rush in 2020 to adopt contactless cards, the company said in a press release on Wednesday (Nov. In 2020, PSCU anticipates distribution of more than three million new contactless cards to 100-plus creditunions.
In today’s top digital-first banking news, Singapore tech startup Sea has reportedly bought Indonesia’s PT Bank Kesejahteraan Ekonomi (Bank BKE), while creditunionserviceorganization (CUSO) PSCU has lengthened its payment processing collaboration with Fiserv. Singapore Tech Startup Sea Buys Indonesian Bank BKE.
In an interview with Karen Webster, Chuck Fagan, president and CEO of PSCU , a creditunionserviceorganization (CUSO), said that the impact to consumer spending will be prolonged, but the recovery will be swift and sharp — depending on where you look. Overall credit card spend was down 29.9
It also examines how merchants and financial institutions (FIs) are responding and working to enable easy contactless and online purchasing while keeping such card-not-present (CNP) transactions safe. A new report found that 58 percent of merchants now accept contactless cards, compared to the 40 percent that did so in 2019.
“At PULSE, we are seeing merchants evolve their business models to offer consumers the payment options they expect,” PULSE Executive Vice President of Product Management Jennifer Schroeder told PYMNTS. “In It may be most prevalent in grocery payments now, as consumers adjust buying behaviors.
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