RANCHO CUCAMONGA, Calif. (8/13/13)--Credit unions should operate from the assumption that mobile wallets aren't a technology of the future, but in fact, are here now, according to a new white paper from CO-OP Financial Services.
What's preventing widespread adoption of the technology is the uneven experience of the options currently available, spotty awareness and low use, said the paper, "Digital Wallets in Depth: What are they? How do they work? And where do credit unions fit in?"
Gartner Inc. predicts 45 million people worldwide will use mobile payment technology this year, generating $235 billion in transactions, in its report, "Forecast: Mobile Payment, Worldwide, 2013 Update." By 2017, the research firm expects the ranks of mobile payment users to reach 450 million, with $721 billion in transactions.
"The gap between expectation and usage is still wide, which makes this the perfect time to get involved," CO-OP's paper said. "Begin now by getting your credit union's cards into mobile wallets. This strategy is not only easy, but it's also smart. You don't have to choose the winning technology. You don't have to create or mobilize your own new technology. Even if things change in the future, there's no real downside to being in today's wallets. And, for the record, interchange works the same in wallets as it does anywhere else."
The paper makes several recommendations about how credit union's can can become involved in the mobile wallet marketplace:
To download the white paper, use the link.