Credit unions set to roll out debit cards

Credit unions will aim to have issued 500,000 of their new debit cards within the next five years to make the project viable, according to the head of the company rolling out the project.

While 11 credit unions are set to introduce a Mastercard debit card service for their members, the Credit Union Service Organisation for Payments, is also working on a debit card for other credit unions.

The credit union organisation is a not-for-profit, independent company that provides an electronic payments service for credit unions and it will oversee the installation of the infrastructure that will see the introduction of debit cards for credit union accounts by the end of the year.