National Payment Card Association in June will begin marketing an open-loop decoupled debit card this summer, according to Joe Randazza, its chief executive.
Western National Bank of Midland, Texas, will issue the Coconut Creek, Fla.-based company’s card, which about a dozen supermarket chains will help promote, he said.
“We have many merchants that are waiting,” Randazza says. “We are going to be able to satisfy the pent-up market.”
Decoupled debit cards route payments over the automated clearinghouse network using bank and account information from the magnetic ink character recognition line at the bottom of a participant’s personal check, enabling issuers to draw funds from a checking account of the user’s choosing.
