PSCU is First in CU Industry to Test MasterCard’s New PayPass Wallet Services
Merry Pateuk, PSCU
Robette Brooks, CCS PR
Deploying Innovative Payments Technologies Underlines CUSO’s MōPRO Strategy To Ensure Growth and Success for Member-Owner Credit Unions
St. Petersburg, Florida – (May 8, 2012) – PSCU is the first in the credit union industry that will test PayPass Wallet — a digital wallet from MasterCard that is a component of the company’s PayPass Wallet Service. PayPass Wallet can be sub-branded by PSCU’s member credit unions and is designed to make it faster and easier for consumers to make purchases in stores or online by allowing them to pay with a simple click of a mouse, touch of a tablet screen or tap of a smart phone.
“This is just one example of our commitment to actively pursue opportunities to deliver innovative payments technologies to our Member-Owners. Delivering bold, leading-edge services ties into our master strategy called MōPRO (Member Owner Payments Revenue Optimization), which is designed to equip our credit unions to build member engagement and loyalty while expanding revenue,” said Michael Kelly, President and CEO, PSCU.
PayPass Wallet Services delivers three distinct solutions: PayPass Acceptance Network (includes online and contactless), PayPass Wallet and PayPass API. This suite of digital wallet services enables a consistent shopping experience no matter what shopping method consumers use. Developer tools facilitate connecting other wallets into the PayPass Online acceptance network.
“Consumers are looking to pay for goods when, how and where they choose. Merchants want flexibility to easily accept digital payments so they can convert more browsers to online and in store buyers,” said Ed McLaughlin, chief emerging payments officer, MasterCard. “PayPass Wallet Services simplifies the shopping experience while providing flexibility and choice to banks, consumers and merchants.”
PayPass Wallet Services includes:
- PayPass Acceptance Network (PayPass Online and PayPass Contactless)– Provides a globally consistent way to help merchants accept electronic payments across multiple channels, whether the purchase is made online using a computer, tablet or smart phone, or in the future, in a store with Near Field Communication (NFC) technology.
- PayPass Wallet – A full suite of digital wallet solutions enabling financial services providers, merchants and partners to sub-brand their own wallets. It makes online shopping safe and easy by allowing consumers to store payment and shipping information in one convenient and secure place. The Wallet has an open architecture, so consumers can use American Express, Discover, Visa and other branded credit, debit and prepaid cards.
- PayPass API – Allows partners to connect their own digital wallets into the acceptance network, leveraging MasterCard’s check-out, fraud detection and authentication services and enabling their customers to make purchases wherever PayPass is accepted for online and in-store purchases.
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. As a non-profit cooperative, the company is owned by more than 680 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 18 million inquiries a year.
PSCU’s MōPRO initiative marries emerging technologies 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 both revenue and market share for member-owner credit unions. For more information, visit the PSCU website at www.pscu.com.