CUNA Payments Blog: Surviving the shifting payments landscape

Credit union members and business customers are adopting any number of new electronic payment alternatives to traditional payment options. These changes include new payment innovations driven by technology, the millennial generation, and the changing habits of credit union members.

These payment changes will alter the relationship between credit unions and their members, change the credit union’s role in retail payment transactions, and impact credit union daily operations and product offerings.

The core payment systems (cash, checking, debit and credit cards, automated clearinghouse) that have traditionally been the backbone of the exchange of payment for goods and services are now being disrupted by new payment instruments created by FinTech startups and established retailers.

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