Gemalto marked the first year since the launch of United Nations Federal Credit Union’s EMV credit cards with newly released results of the financial cooperative’s effectiveness study.
The credit union’s analyses demonstrated an increase in member demand, satisfaction and spend achieved during the period October 2010 to February 2011, compared to the previous year:
- 153% in card applications
- 382% in credit lines booked
- 20% for revolving balances
- 15% in overall purchases
With some of the most mobile members in the world, residing overseas and frequently traveling internationally, the financial institution recognized the need for a secure payment card. In October 2010, the Long Island City-based issuer became the first financial institution in the U.S. to introduce a credit card with the EMV standard.
Through the World Traveler program, Gemalto provides UNFCU with an issuance service, including full card design, production and personalization. This program has aided UNFCU in serving members, particularly those located in the field and in extreme situations. For example, UNFCU reissued cards for members after the earthquake in Haiti.
In response to members’ positive feedback, UNFCU is slated to launch another EMV credit card product in the first quarter of 2012 and will also expand its EMV functionality to all checking account holders with a new EMV debit card.