Lake Trust First U.S. Credit Union to Go Live With MasterPass Digital Wallet
PSCU Member-Owner Rolls Out Branded Site for Members to Register for New Digital Service
ST. PETERSBURG, FL (April 10, 2013) – PSCU announced today that Lake Trust Credit Union (Lansing, MI) will be the first credit union in the U.S. to deploy MasterCard’s MasterPass™ digital wallet service. The PSCU Member-Owner credit union has been participating in a MasterPass pilot since PSCU announced its partnership with MasterCard MasterPass in late February.
PSCU‘s initial implementation of MasterPass provides online shoppers with a simple check-out process by eliminating the need to enter detailed shipping and card information with every purchase. In addition to MasterCard cards, consumers can use other branded credit, debit and prepaid cards.
“We are delighted that Lake Trust Credit Union has embraced this new payments technology and moved rapidly forward to live production with their own branded MasterPass site,” said Michael J. Kelly, PSCU’s President & CEO. “PSCU Member-Owners like Lake Trust are forging into exciting new territory to more deeply engage members with services that truly simplify their lives and add value to their credit union relationship. MasterPass is a prime example of how credit unions can quite easily and quickly enhance their standing as the preferred financial service provider in their communities.”
Lake Trust’s members can register their payment cards, store their payment, billing and shipping information and set their security credentials and preferences through the credit union’s own branded MasterPass site. Once registered, members can select MasterPass as their payment method at participating merchants and speed through checkout. “Payment methods and channels are evolving at an incredibly rapid pace,” said David Snodgrass, President and CEO of Lake Trust Credit Union. “Secure and simple payment technology like MasterPass gives our members greater opportunities for transactional convenience. We want our members to know Lake Trust is committed to continual innovation in financial services that can enrich their lives.”
“Consumers are seeking commerce solutions that are simple, secure and smart,” said Ken Moy, Group Head, North American Emerging Payments, MasterCard. “Early on, PSCU recognized that MasterPass would be a valuable service for their more than1,500 financial institution customers and saw the benefit to quickly making it available. Working with MasterCard and PSCU, Lake Trust Credit Union implemented the pilot to production process in just six weeks, and members will soon be able to use MasterPass for their day-to-day payment needs.”
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation’s leading credit union service organization (CUSO) and serves more than 1,500 financial institutions nationwide. The company is owned by nearly 700 member credit unions representing 16 million credit, debit, prepaid, online bill payment, mobile and electronic banking accounts. Comprehensive 24/7/365 member support is delivered through four Contact Centers located throughout the United States that handle more than 19 million inquiries a year.
PSCU’s MōPRO initiative marries emerging technologies, such as EMV and mobile and digital wallets, with proven strategies and empowers the CUSO to lead the industry in developing innovative payments solutions. This new culture of engagement, agility and energy can enhance revenue, relevance and market share for Member-Owner credit unions. For more information, visit the PSCU website at www.pscu.com.
MasterPass™ is a digital service that allows consumers to use any payment card or enabled device to discover enhanced shopping experiences that are as simple as a click, tap or touch – online, in-store or anywhere. The MasterPass suite of services includes: MasterPass checkout services to provide merchants a consistent way to accept electronic payments regardless of where the consumer may be; MasterPass-connected wallets to enable banks, merchants and partners to offer their own wallets; and, MasterPass value added services to enrich the shopping experience before, during and after checkout.