WASHINGTON (2/26/14)--John MacAllister, principal of Dorado Industries, a global payment system consulting firm in Los Angeles, offered credit unions a forecast on the near future of electronic payments technology and also provided tips for navigating the payments landscape during a Credit Union National Association 2014 Governmental Affairs Conference breakout session.
MacAllister also offered attendees tips to prepare for changes in the payments market:
Credit unions do have one advantage in the payments landscape, MacAllister said: Their willingness to collaborate. Credit unions can solve many of the above issues surround payments through credit union service organizations, MacAllister said.
"I can't imagine credit unions would approach this without taking a CUSO approach, a collaborative approach, to answer the questions, 'What do we do about a mobile wallet? What do you do about security? What do we do about cyber-currency?'" he said, "It's the only way to go."