Credit Unions Help Members Take Control

FOR IMMEDIATE RELEASE
16 October 2012

Credit Unions Help Members Take Control on International Credit Union Day With New MasterCard® Product

Credit unions in New Zealand are celebrating ‘International Credit Union Day’ this Thursday 18 October with the launch of a new product that will help members better manage their money and also put them at the leading edge of payment technology.

Credit unions have teamed up with global payments provider MasterCard to provide access to a state-of-the-art debit card ‘AccessDebit MasterCard’. The card begins rolling out this week at a number of credit union branches throughout the country. It features the latest in debit card technology, and is one of the first MasterCard debit card products of its kind to be launched in New Zealand.

“The new AccessDebit MasterCard features MasterCard PayPassTM contactless technology which will allow members to ‘Tap & GoTM’ without having to enter a PIN for small purchases, and it will also be compatible with mobile phone ‘virtual’ wallets in the future” says Henry Lynch, Chief Executive of New Zealand Association of Credit Unions (NZACU), the industry body that represents credit unions and mutual building societies in New Zealand.

The move to introduce a debit card that allows the flexibility of a credit card, but without the ‘credit’ element is an important one for the country’s credit unions, who are statute bound to promote financial responsibility.

“We realise the world is changing, and that our members want to be able to buy things on the internet and over the phone, so we are delighted to be able to offer them that ability - without the temptation of putting things on credit, which they may not be able to afford” says Mr. Lynch. “It’s all about helping our members stay in control of their finances, not the other way around! It’s also fitting that we’re officially launching the product on International Credit Union Day as this year’s theme is ‘Members Matter Most’.”

The roll-out of this new product has been one of the most complex ever from an industry perspective, with 13 different credit unions involved simultaneously as separate card issuers, each with their own branding requirements, overlaid with the latest EMV chip security and ‘Tap & Go’ functionality as well.

“There has been considerable investment in setting up the processes required for issuing the new AccessDebit MasterCard, and it has only been achievable because of the economies of scale provided by our cooperative approach to providing products and services to our Members,” said Mr Lynch.

“Our Member credit unions have been heavily involved throughout the project and are very excited to be launching such a versatile and technologically sophisticated product to their members - particularly on International Credit Union Day!”

In addition to the new card launch, credit unions throughout the country will also be celebrating International Credit Union Day on Thursday with a variety of local community and in-branch events.

ENDS

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