Dynamic Card Solutions, developer of an instant issue and PIN selection software application, says the company’s offerings can now be used by financial institutions and retailers to issue chip-based Visa and MasterCard co-branded credit cards instantly at retail store locations.
The company enables retail stores to set up individual kiosks or member service areas where customers who want to sign up for an EMV credit card can complete the application process then receive their personalized, activated EMV store credit card. Retailers also have the option to attach store promotions, reward programs or first-time discounts to individual cards.
Instantly issuing EMV credit cards at the branch or in retail point of sale locations eliminates the cost of hiring a third-party vendor to issue a plastic card as well as associated delivery risks and costs. With instant issuance—which requires customers to present identification in order to receive a new or replacement card—financial institutions provide an added level of security.
Additionally, financial institutions can receive interchange revenue sooner because customers have instant access to the open-loop credit cards.