MasterCard partners with CU Wallet to deliver customized digital wallet service for credit unions
Service to enable credit unions to provide members a seamless and secure shopping solution in-store, in-app and online
PURCHASE, NY (February 22, 2016) — With shoppers adopting digital wallets at a rapid pace, MasterCard and CU Wallet are partnering to deliver a customized digital service to credit unions. CU Wallet will speed the development and deployment of mobile wallets and payment solutions for community financial institutions by offering the MasterPass™ digital service. It will also provide a seamless and secure shopping experience to credit union members wherever they shop – in-store, in-app and online – on the device of their choice.
The 120 member credit unions of CU Wallet, who represent more than 10 million members, can now offer MasterCard’s digital wallet service, in their own credit union-branded mobile application. CU Wallet’s on-device application and back-end infrastructure will enable consumers to use MasterPass to simply and safely make purchases in store, online or in-app with any payment card across multiple communications technologies, including NFC, QR/barcodes and remote checkout – providing an easier way to pay and a more seamless, end-to-end consumer experience.
“There is inherent value in the relationship that people have with their chosen financial institution and we think that should remain at the center – even in a digital environment,” said Matt Barr, group head, Digital Payments, MasterCard. “By leveraging the MasterPass API we are able to compliment the CU Wallet offering to deliver a truly holistic customer experience across devices and payment channels. By integrating into the credit union’s digital banking services, this also opens the door for enhanced loyalty and reward services.”
“The MasterPass acceptance network will provide our member financial institutions with increased transactions supported by a secure, compelling and convenient digital shopping experience,” said Paul Fiore, CU Wallet’s Chief Executive Officer and Founder. “This partnership is a significant milestone in our company’s history and our team is thrilled to work together with MasterCard to deliver innovative customizable mobile wallet solutions for financial institutions.”
The joint digital solution from MasterCard and CU Wallet keeps the credit union brand at the forefront on the digital wallet and at checkout, while providing consumers an easy, intuitive and low friction shopping experience at thousands of leading merchants. It enables consumers to pay for the things they want with the security they demand, using any device. MasterPass securely stores payment and shipping information, which is readily accessible when a consumer checks out using the “Buy with MasterPass” button and logs into their account. It is currently available in 29 countries and is accepted at 250,000 merchants globally.
About MasterCard
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com
