Just five years ago, modern credit and debit cards were largely unchanged from their predecessors created decades ago: take it out of your wallet, hand it to the cashier, swipe, done. While easier to use than cash in some instances, it was easy for cards to get lost, or for information to get stolen.

The 21st century, though, brought the advent of the smartphone — and since then, the financial industry has exploded with new ways to pay.

Jennifer Cyert, VP of Deposit and Payment strategies for Altra Federal Credit Union, says the industry is changing faster than ever before, with cutting-edge technology becoming near-obsolete in a matter of a few years. Her job has been to stay on top of the latest and greatest innovations in the payment world for Altra’s members — and she says the last few years have moved fast.

“When we started looking into contactless, it started with the first mobile wallets about five years ago,” says Cyert. “Then the chip came out three, four years ago, and a lot of those first chip-enabled cards are expiring right now. So now, people are getting the chance to upgrade to our new contactless chip cards just as their first chip cards are reaching the end of their lives.”

The newest Altra debit and credit cards, due for release in February, will come equipped with contactless technology. Add that to mobile wallets like Apple Pay, Samsung Pay, and Google Pay — which accept just about any card — and the future of payment is quickly becoming touch-free.

Cyert says the new cards are just one part of a credit union-wide effort to bring the best technology to Altra’s members — before they even ask for it. It’s the credit union’s job, she says, to find the most efficient and easiest ways for members to use their cards.

“Not only will this help make things easier for members, but it also keeps Altra relevant,” says Cyert. “We don’t want to be behind the competition, or have members ask ‘why don’t you have this feature yet?’ Having the newest and best capabilities is very important to us.”

‘Faster than anyone could have anticipated

Cyert says the industry was slowly shifting towards mobile wallets and contactless payment, but the Covid-19 pandemic motivated people to adopt the technology at a lightning-quick pace. Routine transactions became worrisome, with people becoming worried about getting the virus after simply going to the grocery store.

“A year ago, we didn’t think twice about handing our card over to somebody to swipe for us,” says Cyert. “Now, it feels kind of weird — you don’t want anybody touching your card. You want to make sure everything is clean.”

Over half of Americans now say they’ve used some form of contactless payment (counting new chip cards or mobile wallets) in the past year, and that shift is likely to stick after the pandemic ends. Consumers now say they feel more comfortable with the technology, and contactless payments are quickly replacing cash as the go-to option for small purchases.

Cyert says she and her team at Altra are making an effort to educate members about what their new cards can do. It’s likely, for instance, that some members don’t know each contactless chip payment has its own one-time security code, so you can’t get charged twice for one transaction — a common worry among first-time contactless users.

It’s important for members to know exactly what the benefits of going contactless are, she adds, because that’s where the world is headed.

“There are a ton of articles and information out there, saying this is the way of the future,” says Cyert. “Covid-19 has absolutely accelerated contactless and mobile adoption, faster than anyone could have anticipated.”

What’s Up Next?

Picture this… you’ve just come home after a long day of shopping, ready to relax, until panic hits: you left your wallet at the store. You call the store, and they can’t find it. Your debit or credit card is gone. Of course, you'd have to call and cancel that card, and right now, you’d be stuck waiting for a new card to come in the mail — possibly for weeks.

But according to Cyert, there’s new technology on Altra’s horizon that could make that week-long headache a thing of the past, forever. It’s called “push provisioning,” and Cyert says Altra hopes to be able to use that technology sooner than later.

“There’s nothing more inconvenient than waiting for a new card,” says Cyert. “What if the person at the call center could freeze your card, but also say ‘hey, I’m going to send over a new card number to your mobile wallet?’ You could go about your day with a sense of relief. It’s instant, it’s all over the phone, and it’s not that far away.”

As long as technology keeps improving, Cyert adds, Altra will work to bring the latest in cutting-edge payments methods to its members. It’s that sense of drive, combined with the compassion and desire to give back, that continues to set Altra apart from the competition.

“We’re always looking to make sure we have the best features and products for our members to use,” says Cyert. “We want to help them live their best life.”