Credit Unions Excel in the World of Virtual Payment Services

by Diana Zablit

Virtual payment services are being developed so rapidly that they are poised to change the world of personal finance—but why. And what does this mean to credit unions?

The short answer to the first question is that consumers have changed. Today’s consumer has a kaleidoscope of options to access their most critical, need-on-a-daily basis data: their contacts, their calendars, their photos and videos, and their finances. With technology, people can connect instantly – and they do. Mobile devices might as well be an extension of consumers’ arms.

It’s no wonder that consumers want to connect with their money differently as well.

In the same way that people once wouldn’t dream of leaving the house without a traditional wallet, they’re now looking at navigating the world with digital wallets. By storing and maintaining this information digitally, consumers can access and use their payment tools wherever they want – whether at a virtual place like a shopping site or a traditional retailer with the technology to process these payments.

Payments are a natural priority, but they’re also an area of concern, as consumers and financial institutions alike worry over the security of digital payments.

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