The payments credit union service organization announced Tuesday (Dec. 2) that it would add 2,500 ATMs at Speedway stores, bringing the total number of its Co-op ATMs to 37,000.
“Our Co-op ATM Network — the largest issuer-owned surcharge-free network — is built on the credit union principle of ‘people helping people,’” Rob Goodwin, Velera’s vice president of network growth, said in a news release provided to PYMNTS.
“As we continue to grow our footprint, we’re helping credit unions strengthen engagement and impact in their communities, while providing members with convenient access to cash when and where they need it.”
The release contends that cash remains a key part of everyday banking despite the ongoing growth of digital payments. Velera points to research, conducted in collaboration with PYMNTS Intelligence, showing that 26% of credit union members use an ATM each week, chiefly to withdraw cash (something cited by 70% of members), followed by cash deposits at 35% and check deposits at 29%.
“These numbers suggest credit unions must resist the temptation to go fully digital,” PYMNTS wrote in September. “Instead, they should redesign branches and ATM networks as complementary touchpoints in a member’s broader financial journey.”
Advertisement: Scroll to Continue
Velera will begin adding the new ATMs this month in collaboration with FCTI, the American ATM provider for 7-Eleven and its brands, which include Speedway and Stripe stores.
PYMNTS wrote earlier this week about additional research conducted in tandem with Velera on efforts by credit unions to attract younger members who have come to expect personalized digital tools and who are willing to walk away when they don’t get them.
Members of Generation Z, the report added, are digital-first consumers who still feel comfortable using both in-person and online channels.
“They want personalization, real-time guidance and tools that match their habits and values. They also want financial partners who communicate in ways that feel authentic to them,” PYMNTS wrote. “Those preferences are forming earlier than they did for previous generations, and they are forming fast. That creates both peril and opportunity for credit unions seeking long-term relationships.”
The research showed that Gen Z members were more than twice as likely to think about leaving their credit unions, at 36%, versus 14% for consumers overall.
