CU Wallet, a mobile payments technology provider, has launched a credit union-centric mobile wallet application. Since the announcement of the product, 15 credit unions have signed an agreement with CU Wallet, the company said.
Credit unions will be able to advertise, gain insight into members’ needs, offer incentives, and broker connections back to business partners using the app, CU Wallet says.
Local and national merchants and billers will partner with CU Wallet for direct connection to credit union members through the application. Credit Unions will be able to advertise by using geo-location and transaction details to present offers and incentives inside the application on the payment module hosted by CU Wallet.
“Mobile wallets should be a strategic priority for every credit union,” states Paul Parrish, EVP and CFO of One Nevada Credit Union. “We’ve evaluated third-party mobile wallet solutions currently available in the market, and there isn’t a viable choice for credit unions.”
Parrish adds, “ By aligning the credit union industry in a collaborative initiative, CU Wallet is providing a solution that will meet members’ demands, while protecting and building member loyalty.”
According Paul Fiore, co-founder and CEO of CU Wallet, the company looks to partner with existing credit union core systems and credit union mobile banking providers to help integrate the applications for payment and banking for a better user experience.
“We also would like to leverage the national and local merchants in behalf of credit unions and provide them a solution to directly access members accounts in a cloud environment,” adds Fiore.
Direct merchant transactions will occur via a QR code-based system with account data stored behind a cloud-based firewall. The application would have a “Pay” button, which would open the camera feature of the phone.
The camera would scan the code displayed by the retailer. Finally, the member would choose a method of payment, confirm an amount and enter a PIN. CU Wallets plans to add NFC technology as merchants add near-field communication terminals.
CU Wallet will continue to expand upon the product by coordinating with a panel of credit unions to set priorities, adapt shifting landscape and review progress.
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Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received her B.A. in English and journalism from Rutgers University College of Arts and Sciences in ... View Full Bio