Press
Big publishes thought leadership white paper on how credit unions can win in the mobile payments game
LAND O LAKES, FL (July 22, 2014) — In an effort to better inform the credit union industry about third parties like Amazon and PayPal that are entering the payment business, Best Innovation Group (BIG) has released a white paper investigating this trend while offering sound, competitive advice.
“Credit unions that are not proactive will lose top of wallet positioning with these retailers,” said Best Innovation Group Founder, John Best. “The alarm bell is ringing—this is our canary in a coal mine.”
Entitled “How Credit Unions Can Win in the Mobile Payments Game,” the white paper is geared toward educating credit unions on how retailers have positioned themselves as payment leaders. For example, when a consumer purchases goods and services, firms like PayPal, iTunes, Google and Amazon settle transactions to the member accounts through MasterCard, Visa, American Express, Discover Card and ACH transactions. Next these firms pay the downstream vendors for goods, services, music and apps. By and large, the credit and debit cards used for these transactions are not issued by the credit union.
“These companies have not really changed the card industry,” said Suzanne Savage, a financial services industry consultant with more than 25 years specializing in payment system strategy and analysis. “They have managed to create payment systems that are convenient for
cardholders that provide a sense of security in the limited exposure of the member’s payment card information.”
Complete with proprietary credit and debit card research from five leading credit unions, as well as ancillary market research, the white paper examines losses in interchange fees as well as offers credit union executives methodologies to win the mobile wallet race. A PDF version of “How Credit Unions Can Win in the Mobile Payments Game” is available at www.big-cu.com. John Best is available for interviews.
About Best Innovation Group
An innovation think tank and credit union integration specialist, BIG “unlocks the ultimate member experience” by finding and applying innovative technologies. BIG creates unique business partnerships with up-and-coming companies that will be leaders in these new spaces, while attracting top talent to be the next generation of technology professionals at their member credit unions. Visit: www.big-cu.com.