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The pandemic has brought to light the need and pent-up demand for better ways to shop in a touchless environment. On Wednesday, mobile processing platform company Member Access Processing (MAP) announced the launch of its Visa Prepaid Virtual cards for credit unions.
In a statement from MAP, the virtual cards will be "issued and stored digitally with no corresponding physical plastic" card.
"At MAP, we are speeding up the process for credit union members to have access to prepaid funds," MAP CEO Cyndie Martini said. "The Visa Prepaid Virtual cards gives members the ability to make online purchases with a desktop computer or mobile phone right away without the plastic prepaid card."
The Visa Prepaid Virtual cardworks anywhere Visa is accepted and works exactly like a Visa debit card, according to MAP. It has the first name, last name, expiration date and secure CVV code.
MAP explained in a statement, "At the point of purchase, the cardholder's Visa account information is entered online for purchases. MAP also provides online access for cardholders to access their account and transaction information in real-time."
According to a published report, "18th Annual U.S. Closed-Loop Prepaid Cards Market Forecasts, 2020-2025," the digital and virtual card segment is expected to see significant growth in the years ahead. Experts said the pandemic and a flourishing e-commerce market are behind this expected surge.
"The pandemic has affected closed-loop card loads differently by segment. Digital and virtual gift cards are forecasted to continue growth amid a booming e-commerce market. As the pandemic subsides and in-store foot traffic returns, in-store gift card loads will slowly come back, however, the consumer trend towards digital channels will remain, resulting in digital and virtual cards winning market share over time," commented David Nelyubin, senior analyst of the publisher's Prepaid Advisory Service, the author of the report.
According to MAP's statement, "The Visa Prepaid Virtual card is backed by Visa's fraud technology and the cardholder can access their virtual card on multiple devices. Credit unions also benefit by not having to order plastic cards for their members."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
