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Credit unions 'adopt contactless smart cards'
10 Aug 2009

Two credit unions in the US have adopted contactless smart cards, according to a report in the Credit Union Times (CU Times).

Among them is the California Coast Credit Union, which has begun offering hybrid debit and contactless smart cards to its members.

The $1.9 billion (£1.2 billion) credit union, headquartered in San Diego, serves more than 125,000 members through its Cal Coast Online shared branch network.

Meanwhile, the Novartis Federal Credit Union in East Hanover, New Jersey, has also equipped its debit cards with contactless smart card technology.

Its payments processor, PSCU Financial Services, tells CU Times that debit card transactions have increased by 9.4 per cent since the move.

In Bolton and Dundee in the UK, sQuidcard holders can already use eMoney to pay for things in place of cash or debit cards, at some retailers. 

The contactless smart card can carry out transactions in a few seconds while carrying the security benefits of not being linked to a bank account.