Prizeout advances cash-back debit rewards for credit unions

Prizeout launched CashBack+ Pay as a Pay-by-Bank solution that enables credit union members to earn instant, merchant-funded cashback on debit transactions by using digital gift cards at checkout. The model bypasses traditional card rails, addressing longstanding challenges with funding debit rewards while creating a new revenue stream for credit unions. Early adoption from several institutions, along with initial transaction volume and usage data, signals growing traction and positions account-to-account payments as a more competitive alternative in everyday spending.

Prizeout POV: This piece points to a larger shift in payments – away from card-network dependency and toward merchant-funded, account-to-account models that better align incentives across the ecosystem. By combining Pay by Bank with instant rewards, CashBack+ Pay solves two longstanding challenges at once: making debit more valuable for members and more profitable for institutions. Rather than cannibalizing interchange, it introduces a parallel revenue stream while keeping spend within the credit union environment, ultimately giving both members and merchants more control, transparency, and value at the point of transaction.

Read full article here