Credit or debit cards that don't need to be swiped are nothing new, but credit unions have generally been slower than larger financial institutions to issue them. PSCU Financial Services and the $120 million Novartis Federal Credit Union hope the credit union's experience with contactless cards can help change that.
Novartis launched a contactless debit card program and reissued cards in May of 2008. The credit union reissued because of other card changes and asked PSCU to help it shift to the newer technology.
"We knew that we had to reissue, and we feared that if we didn't do it now, we might not be in place to do it for three to five years," said Novartis CEO Ann South. "We didn't want to go from the leading edge to trailing."
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