by: Ashley Binder
The world is increasingly digital. Favorite songs, memorable moments and solitaire are all housed on a small, thin rectangle likely tucked away in a pocket. The techies and bankers alike knew that a mobile wallet was next. And why shouldn’t it be? Peek inside nearly any brick-and-mortar retailer and you’ll see a wave of smartphones in-hand, people waiting for their turn to step to the register and make their purchase. If music, photos and games are all available on a smartphone, then shouldn’t a wallet be as well?
When Apple Pay launched late last year, it was met with the typical Apple innovation buzz as well as some skepticism about data security. In spite of many skeptics, Apple Pay was an instant hit – more than one million people activated in a mere 72 hours. Mega retailers like Macy’s and McDonald’s were on board to accept the mobile wallet for the debut, and Apple Pay has only gained steam since then, with more than 40 retailers equipped to accept. Financial institutions were clamoring to offer their customers Apple Pay capabilities, too, and nearly 40 banks and credit unions are now participating issuers for credit and debit cards.
While Apple Pay is the leader of the pack right now, Google Wallet and PayPal Here both have skin in the mobile payment game, too. And soon there will be a new player – CU Wallet. Set to launch this year, perhaps as early as April per Credit Union Times, CU Wallet will serve as the digital wallet for credit union members. CU Wallet won’t be building its technology from scratch; it has partnered with Paydiant, a cloud-based platform, which will minimize what is required of retailers to accept the payment and allow for a speedy debut of the mobile wallet to consumers.continue reading »