CU Wallet selects Paydiant to power its mobile wallet solution
White-label platform will help enable mobile payments, offers, loyalty programs and cardless cash access for over 2.8 million credit union members nationwide
LAS VEGAS, NV (October 8, 2013) — Paydiant, provider of a white-label mobile payments, offer redemption, loyalty and cardless cash access platform for banks and retailers, today announced that it has been selected by CU Wallet to power its recently announced credit-union centric mobile wallet offering. CU Wallet will leverage the proven Paydiant platform allowing them to get to market quickly with a host of innovative mobile wallet capabilities. With Paydiant, CU Wallet will integrate complete mobile wallet capabilities into its own mobile application including contactless mobile payments, e-receipts, offer redemption and cardless cash access on existing payment terminals, point-of-sale (POS) systems, ATMs and online shopping carts.
CU Wallet is the industry’s first mobile payments initiative designed specifically for credit unions, by credit unions. It targets the needs of an increasingly mobile membership base, and helps credit unions attract a new generation of members and sustainable revenue streams. To date, more than 20 credit unions, ranging from $100 million to more than $6 billion in assets, and representing more than 2.8 million members nationwide, have signed agreements with CU Wallet.
The Paydiant platform is currently deployed in partnership with prominent card-issuing banks, retailers, restaurants, merchant processors, debit/ATM networks and POS providers. Unlike other mobile wallet solutions that require consumers to buy new phones or retailers to invest in costly new point-of-sale (POS) infrastructure, Paydiant’s white label platform works with existing smartphones, POS systems, and payment terminals, including entry-level countertop devices. In addition, the solution enables banks, credit unions and retailers to avoid sharing sensitive customer information with intermediaries, and share in new revenue streams from highly targeted mobile ads and offers.
“Paydiant’s white-label approach allows participating credit unions to deploy complete mobile wallet capabilities and all the benefits that accompany them, without giving up control to third party intermediaries,” said Paul Fiore, online banking pioneer and CU Wallet co-founder. “It also enables credit unions to deploy these capabilities sooner and with far less expense. Just as importanlty, their platform will allow us to focus on delivering the credit-union specific business, operation and go-to-market capabilities that CU Wallet is uniquely positioned to bring to the market. That’s a win for everyone involved.”
“The mobile wallet is about a lot more than payment,” said Chris Gardner, co-founder of Paydiant. “That’s important, but the real opportunity for banks, credit unions and retailers is in targeted offers, customer retention, new services and new revenue sources. That’s why it’s so important to control this touchpoint. Working with Paydiant, CU Wallet will provide credit unions with control, and a real and tangible service advantage that appeals to members, enhances loyalty and increases new revenue opportunities.”
About CU Wallet
Headquartered in Los Angeles, CU Wallet is the industry’s first credit union centric mobile payments initiative. Founded in 2013 by seasoned financial services entrepreneurs, Paul Fiore and Kirk Drake, CU Wallet combines innovative technology and an entrepreneurial spirit with direct credit union ownership, resulting in a highly differentiated mobile payments infrastructure designed for credit unions, by credit unions. The CU Wallet platform helps overcome major industry hurdles to mobile payments adoption, allowing credit unions to better serve current account holders, attract a new generation of tech-dependent members and better compete amongst increased competitive pressure from non-bank mobile payment ventures. For more information about the launch of CU Wallet and the company’s mobile payments platform, visit: www.cuwallet.com.
Paydiant is the provider of a cloud-based, white label mobile payment, cardless ATM access, offer redemption and loyalty platform that enables merchants, banks, and payment processors to deploy and manage their own mobile payment and ATM access solutions under their own brand and on their own terms. Based on a patented, cloud-based transaction processing platform, the Paydiant solution enables the key stakeholders in the payments value chain – retailers, banks and payment processors – to control the next generation of payment solutions. Visit www.paydiant.com for more information about the Paydiant solution and follow us on Twitter @Paydiant.