PSCU Unveils Prepaid Card Platform

Spurred by growing demand for prepaid cards, the payments credit union service PSCU has launched what it calls a “prepaid digital experience platform.”

Announced on Wednesday (Oct. 6), the PSCU My Card Manager mobile app and website gives cardholders more control over reloadable prepaid cards, which PSCU says will lead to more member engagement, penetration, activation and use.

“PSCU is committed to delivering on our digital-first strategy by investing in digital platforms and addressing real member challenges with enhanced solutions that result in a better member experience,” said Cody Banks, vice president of payment and fraud solutions at PSCU. “Member experience is key to ensuring the success of prepaid programs, and My Card Manager provides members with the ability to seamlessly conduct their essential prepaid banking needs through their preferred channel.”

The platform lets credit union members view transaction history, check their balances and receive real-time alerts. It also includes security features such as touch ID, face ID, device recognition and lock/unlock card.

PSCU said the COVID pandemic has boosted consumer focus on money management, which is why it has included a Smart Budgets tool in its prepaid program to let users set aside money for specific goals. This feature will also recommend budgets after 30 days of tracking transactions, and will provide notifications to help prevent overspending.

Read more: Credit Unions Need Digital Innovation to Attract and Retain ‘The Next Generation’

In an interview with PYMNTS in August, PSCU Vice President of Digital and Data Jeremiah Lotz said credit unions can leverage their competitive strengths in deep member relationships — backed by trust and careful use of the branch setting — to forge lasting relationships with their members, and to pick up where digital-only upstarts miss the mark.

“When we think about the digital-only experiences for some of these challenger banks, one of the things that we definitely see missing is that ‘people helping people’ mentality, and that overall focus on the relationship with the member as their credit union defines them,” said Lotz.