DUBLIN, Ireland—Plans are afoot here to have credit unions issue 500,000 new debit cards over the next five years as part of a new project. That project would have 11 credit unions introducing the MasterCard debit card through the Credit Union Service Organisation for Payments. That CUSO 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.
Kevin O’Donovan, CEO of the CUSO, told local media that the targeted take up of such cards will be about 15% of Ireland’s credit unions’ 2.9-million members.
O’Donovan told the Independent that a “complicated jigsaw” must be put in place before the cards can be introduced, a process that involves putting in underlying BIC and IBAN structures on accounts along with customer care and fraud-management services for the cards. The cards are currently in testing.
Over the past 15 months, CUSO has provided electronic funds transfer and payment services to over 50 credit unions.
O’Donovan further noted that the introduction of debit cards to credit union accounts should be seen in the wider context of the government’s plans to modernize all welfare payments using a standard bank account for direct deposits.