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Written by Cyndie Martini
on April 05, 2018

 Debit cards have grown popular for budget conscious people, those who do not want to accrue debt as well as people who may not qualify for a credit card. Research has shown that credit unions who offer this product are not only diversifying their product line but also increasing member loyalty.

Debit cards have been around since the 60s and have shown no sign of decreasing in popularity. In fact, there are over 5.45 billion debit card users in the United States and $2.56 trillion in transactions took place in 2016.

From budgeting purposes to convenience it is no wonder credit union members like to use this type of payment. Debit cards not only benefit the member though, but also help the credit union as well. This is why it is essential to ensure your credit union is offering a competitive debit card product.

Member Access Pacific (MAP) has partnered with Visa to bring credit unions a debit card product loaded with benefits. MAP’s Visa Debit Card line has solutions like PIN-based functionality, prepaid products as well as loyalty reward options. Credit unions can work with MAP to help customize their debit card program to fit their members’ needs. Whether you are looking for expanded coverage or acceptance, these are both possible through Interlink®, Plus® in addition to regional point of sale marks.

Another key benefit of offering a debit card program is the increase in member loyalty. Debit cards have a “stickiness” factor and research has found retention rates are higher for members that have a debit card with a financial institution. According to a study, credit union members with a debit card are 81 percent more loyal than those without. These programs add value to your credit union products and will help strengthen your card portfolio. 

By partnering with Visa, MAP’s debit card solutions are widely accepted and offer an extra layer of security for your members giving them peace of mind. Unlike other companies, MAP provides chargebacks as a resolution for any potential transaction errors. Your members will also be able to carefully monitor their accounts by setting transaction alerts that will notify them of any suspicious activity and help reduce their risk of falling victim to fraud. 

MAP’s debit card solutions also integrate seamlessly into your member’s online banking experience. Through the mobile app, they can access their account information anytime, anywhere. Plus, the app allows alerts and notification as well as card controls. Card Controls lets the cardholder turn their debit card on and off in the event it is ever misplaced, lost or stolen. 

There are endless benefits of offering a debit card program at your credit union. Make sure you are offering a program that not only benefits you but the member as well. Contact MAP today to learn more.

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