“Top of phone” is the new “top of wallet” – 5 things credit unions need to know

According to statista.com, mobile payment revenue will top $1 trillion in 2019, up from $450 billion in 2015.

By the end of 2017, more than 50 million U.S. smartphone owners will have accessed NFC technology or another contactless payment platform. And in 2018, users of the technology will spend more than $1,900 during the calendar year tapping their smartphones at checkout.

Clearly, advances in mobile and digital tech are redefining payments.  And the way members use your cards may never be the same.

“As a credit union, you simply need to make the leap into digital payments with the right strategy, and then keep pace with the technology,” said Jennifer Kerry, vice president, credit card services for CO-OP Financial Services. “This is an unforgiving market, and in order for your cards to stay ‘top of phone’ and top of mind, you must make every digital payment as seamless as possible for members.”

Here is what your credit union needs to know:

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