PIEDMONT, S.C.–(BUSINESS WIRE)–#contactless–Due to the necessary precautions many are taking right now, contactless payments are seeing a progressively sharp increase in demand. Financial institutions are looking to quickly add dual-interface payment cards into their card portfolios to provide secure, safe and convenient payment options for their customers. By partnering with Matica Technologies, Altra Federal Credit Union is at the forefront of this service – soon offering instantly issued EMV dual-interface debit cards to its members.
Based out of Wisconsin, Altra Federal Credit Union has been utilizing Matica’s Cards on the Spot™ software to instantly issue debit cards for over 10 years. Since the program’s inception, Altra’s members have been able to receive a new or replacement debit card in less than five minutes – eliminating the seven to 10 business days it takes to receive a debit card and providing members quick access to funds. Additionally, Altra offers a number of different card designs that members can choose from – including over 30 from local schools.
“From the beginning, we knew that Matica would be able to deliver on our strategy of getting a card into the hands of our members as fast as possible, while also providing peace-of-mind when they make purchases,” said Josh Goodman, manager of Payment Operations at Altra. “Matica’s agile team has been able to customize the instant issuance program to fit our needs – this includes the ability to add any design that we want as well as to integrate into our core system – which were key selling points for us. Altra now boasts a higher penetration rate than other credit unions in our peer group, and we believe that one of the greatest contributors stems from the fact that we offer secure instant issuance.”
Now, as the U.S. begins the next stage of the EMV smart card migration – including moving away from contact-only chip cards and towards dual-interface cards with contactless payment capabilities – Altra wanted to offer its members the ability to receive an instantly issued dual-interface card so that they can pay via “tap and go” at point-of-sale or automated systems.
Although EMV dual-interface cards have been slow in adoption in the last few years, the market has seen a significant shift to contactless in recent months due to the convenience it provides. This is also in part due to the continued risk of fraudulent activity on payments cards, the first generation of EMV contact cards now coming up for replacement, as well consumers being less inclined to touch terminals or have direct contact with payment transactions.
“There is no doubt that contactless payments are becoming more prominent given the state of our industry right now,” said Jim Geiger, regional sales director for Matica. “Altra has been an exceptional and loyal customer of ours for over a decade, and we are pleased to continue to partner with them to evolve their instant issuance program into something that provides an added layer of convenience and value for their members.”
Matica can easily configure its Cards on the Spot™ software to instantly issue dual-interface cards – including the printing of the card design and the full personalization of the embedded chip and antenna of the card. In addition, the company can specifically scale dual-interface instant issuance programs to fit the needs of the financial institution – including the ability to have a phased and targeted rollout of the program. Matica also offers dual-interface cardstock to its customers, making it streamlined and simple to work with one vendor.
For more information on Matica’s instant issuance solutions, please click here.
About Altra Federal Credit Union
Altra Federal Credit Union has made members a fundamental part of its vision since 1931. Over the years that focus has seen the credit union grow into a leading financial institution with over $1.8 billion in assets and more than 111,000 members worldwide. Both not-for-profit and member-owned, Altra’s mission is to create member loyalty by providing products, services and guidance that enable our members, staff and communities to prosper.
In addition to banking services conveniently available through online, chat, mobile, or phone options, Altra offers a full range of financial services, from personal and business to lending and investments. By offering several eligibility options for membership based on where you live, work, worship, or attend school, Altra is Helping You Live Your Best Life! To learn more visit www.altra.org.
Matica is a fast growing and innovative global company, which develops, manufactures and markets a vast range of products in the secure ID, and payments industries. Matica has a strong international network, operating globally providing local sales and services through its offices in Germany, Italy, India, Singapore, China, USA and the UAE. The company supports thousands of customers with its global network of certified resellers, value added distributors and system integration partners. For further information, please visit maticacorp.com.
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