Photo / Courtesy Whitney Fox Photo
Heidi Olson of Town & Country FCU
Updated: May 11, 2023
Credit union breaks new ground with digital credit card
File photo / Jim Neuger
Town & Country Federal Credit Union President and CEO David Libby said the credit union's new digital credit card "builds upon our long history of delivering new technology and convenience for our members."
Scarborough-based Town & Country Federal Credit Union recently became Maine's first credit union to launch a digital credit card, which its members can use for both online and in-person purchases via mobile wallets.
The launch comes as the global microchip shortage causes long delays for issuers of plastic credit and debit cards, a situation some experts expect to lag throughout 2023.
"With digital issuance, our members now have immediate access to new credit card details when a new card is issued," said David Libby, Town & Country's president and CEO. "This benefits both members whose credit cards have been lost or stolen and members opening a new credit card."
Libby said the move builds upon the credit union's track record of technological innovation. Town & Country was also the state's first credit union to offer check imaging ATMs, the Alexa banking skilll with Amazon, and, early in the pandemic, contactless debit cards.
"Our willingness to invest in technology and innovation to better serve our members made a big difference throughout the pandemic and will continue to do so," Libby said.
With $514.2 million in assets of Sept. 30, 2022, Town & Country was ranked No. 4 in the 2023 Mainebiz Book of Lists, published in December. The credit union is owned by 40,000 members, who live, work, go to school, or worship in Cumberland and York counties.
While the company did not say how many members are using the digital credit card so far, Membership Relationship Manager Heidi Olson said the feedback has been positive.
"Members have reported enjoying the convenience of having the card information quicker and easier than waiting for the plastic to come in the mail," she told Mainebiz. "They have the information that they need when and where they need it."
Payments 'constantly evolving'
Like plastic cards, the digital versions include a three-digit security code, but the digital cards are only available through the mobile app, which requires two-factor authentication to access, Olson said.
She also said the digital cards work with mobile wallets, including Apple Pay, Samsung Pay and Google Pay. The digital card contains the information to load the card onto various electronic wallets.
As for the bigger picture, Olson said she does not believe that plastic cards will ever become obsolete.
"As with any previous payment method they become used less frequently but rarely go away completely," she said. "Payments are constantly evolving especially in today's ever-changing world."
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