Suncoast Credit Union is set to offer fintech Prizeout’s cash-back solution CashBack+Pay to members. 

The point-of-purchase app allows users to make purchases instantly with digital gift cards, Prizeout founder and Chief Executive David Metz told Bank Automation News. The solution is designed for consumers who use debit cards, which don’t traditionally offer cash-back perks. 

Members of Suncoast Credit Union will be able to use the app to receive cash-back and rewards directly into their credit union account, which integrates with the Prizeout app.

The $18.9 billion credit union’s digital banking is provided by its SunNet online banking platform, a Prizeout spokesperson told BAN. CashBack+Pay is now live for Suncoast employees and will roll out to members “in the near future.” 

The app is already offered by multiple credit unions, Metz said, including:  

• Goshen, Indiana-based Interra Credit Union,

• $318 million United Financial Credit Union,  

• $8.3 billion Michigan State University Federal Credit Union,  

• $20 billion Golden 1 Credit Union; and  

• Southfield, Mich.-based People Driven Credit Union.  

Boosting adoption

About 2% of Interra Credit Union members are using CashBack+Pay, Joel Richard, chief experience officer, told BAN. 

To move the needle on adoption, Interra is promoting the app to members, but adoption is also growing via word of mouth, Richard said. 

One Interra Credit Union member, who is leveraging her cash-back rewards to save for a vacation, told BAN she is urging her friends to use the app. 

If credit union members are already spending on groceries or on Amazon, they might as well get cash back on that spend, Richard said. 

While the app is mainly being integrated by credit unions at this point, other financial institutions are also expressing interest, Metz told BAN, adding that adoption is “fast and furious.”