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Products
Contactless conversion drives transactions
EAST HANOVER, N.J. (7/28/09)--Novartis FCU, East Hanover, N.J., has experienced an increase in transaction volume of 9.4% after converting all of its debit accounts to contactless debit cards last May. Transactions per active account also are up by 19%, the credit union said. Norvartis has a monthly volume of more than 32,000 transactions, with an average of 19.6 transactions per active account--an increase in sales of 8.6% before the conversion. Members like the speed and convenience the cards offer, and have found widespread availability of contactless terminals in the Metro New York City area, the credit union said. “We conducted several seasonal promotions, including several Wii giveaways, that helped build awareness and boost transaction volumes,” said Ann South, Novartis CEO. The credit union has more than 1,600 active debit accounts. Novartis converted its debit accounts to contactless cards through PSCU Financial Services, a credit union service organization based in St. Petersburg, Fla. With contactless cards, data is stored on a microchip and transmitted using radio frequency identification. The transaction takes 15 seconds, compared with 25 for a traditional magnetic stripe card. Contactless cards are processed as signature transactions.


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