MSUFCU Introduces Contactless Credit and Debit Cards for Tap to Pay
EAST LANSING, Mich. — MSU Federal Credit Union (MSUFCU) began issuing all of its Visa debit and credit cards with contactless technology for Tap to Pay use, a faster, easier, and more secure way to pay, on July 1, 2020.
“With MSUFCU’s introduction of the Visa Signature cash back card as a contactless card last year, many members were pleasantly surprised by the convenience of Tap to Pay,” said Deidre Davis, MSUFCU’s Chief Marketing Officer. “Tap to Pay is a safe and easy way to pay. It not only eliminates physical contact, including the need to enter a PIN, it’s faster, taking only one to two seconds to complete transactions compared to up to 45 seconds for cards with chip technology.”
Tap to Pay uses a technology called NFC (near field communication). Each card has a contactless NFC chip and radio frequency (RFID) antenna. To use Tap to Pay, simply wave the card one to two inches over the terminal, and a one-time code is transmitted to complete the transaction. The code is sent with payment information that does not expose actual account details, so consumers don’t have to worry about account information being misused or stolen.
And, Tap to Pay is becoming widely accepted. According to a Forbes article, more than 60% of Visa payments are contactless and 75% of the top 100 merchants accept contactless payments through Tap to Pay.
MSUFCU is issuing contactless cards to members whose cards are renewing, as well as all new cardholders.
MSUFCU has a national reputation for excellence and has received several top industry and workplace awards. The Credit Union was named as a Top Workplace in the large employer category by the Detroit Free Press for eight consecutive years, received a 5 star rating from Bauer Financial in 2020, was named a Top 100 Best Workplace for Women by Fortune for the third year, and is in the top five Michigan credit unions by Forbes Best-in-State Credit Unions. MSUFCU was named a Best Workplace in Financial Services and Insurance by Fortune Magazine two consecutive years, received the ATHENA Award® for Organizational Leadership, and was named West Michigan Best and Brightest to Work For the eighth year in a row. The Credit Union earned the ranking of one of Michigan’s Best and Brightest in Wellness for the eighth consecutive year, and has been certified as a Great Place to Work® for seven consecutive years. MSUFCU has also been recognized for its financial education initiatives, ranking first for the Alphonse Desjardins Adult and Youth Financial Education Awards, and the Louise Herring Award as well as an honorable mention for the Dora Maxwell Award by the Michigan Credit Union League. Founded in 1937, MSUFCU is headquartered in East Lansing, MI, has 20 branches, nearly 300,000 members, more than $5 billion in assets, and more than 900 employees. For more information, visit msufcu.org.