Members of the country’s second-largest credit union will now be able to check out more quickly and easily using contactless payments.
Paying for transactions with a simple tap of a contactless Visa credit or debit card will allow the checkout experience to be faster and easier for PenFed members. John Kelly, executive vice president of consumer banking at PedFed, said the company is “proud to lead the way and stand toe-to-toe with the nation’s leading financial institutions as one of the first credit card issuers in the country to make this feature available to our members.”
As members’ current cards expire, they will be provided with updated cards that are equipped with the contactless payments technology. “We are committed to bringing our members the best and most innovative products,” said Kelly. He said the contactless payments would allow cardholders to “operate with efficiency, speed, and security whenever they use the cards.”
Tap or dip to pay
Anywhere that the register features a Contactless Payments symbol, cardholders will be able to tap their card and make a payment. They can also use their Visa card with EMV chip technology by dipping their card into the chip reader.
More than 40 percent of all in-store Visa transactions outside the United States happen via tap-to-pay. However, the U.S. has been slower to adopt contactless payments than other countries. Currently, 70 of the top 100 merchants in the U.S. have enabled contactless payments. PenFed members will be able to benefit from this improved checkout experience once they get their new Visa cards.
Credit unions and big banks both offer contactless payments
PenFed offers an award-winning suite of credit cards that offer both simplicity and value. These include rewards credit cards, debit cards, and cards with low APRs and no fees. Credit unions have proved to be popular with consumers who prefer a smaller and more personal experience than a bigger bank might offer them; often they have access to a credit union through an employer or union.
Anyone who wants a contactless credit or debit card can find one through a variety of credit card issuers and banks, as the technology becomes more widespread and embraced.