PSCU Provides CUs with Prepaid Chip Cards

PSCU Financial Services, a service organization that provides products and services to its roughly 1,500 member credit unions, announced Monday that it will begin issuing prepaid chip cards for several of its clients this summer.

The St. Petersburg, Fla. company also said that later this fall more than a dozen credit unions will deploy the Visa cards.

"We're on a mission to keep credit unions in front of the demand curve," said Michael Kelly, PSCU's chief executive and president, in a press release. "That means decisively seizing emerging technology opportunities to give our credit unions a leading role in the payments market."

PSCU is just the latest to begin promising the technology.

Last week, American Express said it plans to begin issuing a chip card this year. The New York credit card company also gave its merchants a deadline by which to start accepting the cards.

This year, all card networks have announced similar plans to require a majority of American merchants to accept cards that support the EMV chip and PIN security standard by October 2015.