CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Compliance
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » CUs wait, watch as digital wallets unfold
CU System

CUs wait, watch as digital wallets unfold

June 1, 2015

MADISON, Wis. (6/1/15)--A new white paper from the CUNA Operations, Sales & Service Council offers guidance to credit unions in developing a digital-wallet strategy.

The digital wallet industry remains a wild west of sorts, which is comforting news for those credit unions that have yet to make a definitive decision on member offerings, according to the paper, “Physical-Digital Wallets: The New Payment Strategy.” The biggest issue with digital/mobile wallet adoption is what technology merchants plan to embrace coupled with consumer choice and preference.

But mobile wallet adoption appears imminent as consumers rely increasingly on their mobile phones for financial transactions and competitors continue the race to develop digital payment standards. (See related  News Now story: Google boosts Android Pay with payment-network support.)

Banking transactions are occurring in greater numbers via mobile devices, according to the Board of Governors of the Federal Reserve’s Consumers and Mobile Financial Service’s Survey (March 2015). Statistics from a December 2014 survey found that 39% of all mobile phone owners with a bank account used mobile banking in the 12 months prior to the survey, which was up from 33% in 2013 and 29% in 2012. Additionally, 52% of smartphone owners with a bank account used mobile banking. Mobile payments with smartphones were the most common type of mobile payment at 68%.

During the same time period, the survey found that 47% of smartphone users’ comparison shopped with their phone while at a retail store, with 33% using their phone to scan a product’s barcode to find the best price for the item. Additionally, 29% of all mobile phone users and 38% of smartphone users used their phone to track purchases and expenses.

“Mobile wallets should be a core portion of a credit union’s payments strategy,” said John Schweikert, senior director of payments for the digital banking solutions firm Digital Insight. “In-store and online payments are a significant driver of spending, and the core of any mobile wallet strategy is ensuring that your cards are top-of-wallet.”

Mobile wallets will be among the topics addressed at the 2015 CUNA Payments Roundtable, which begins today in New Orleans. The event is produced by the CUNA Center for Professional Development and endorsed by the CUNA CFO Council and CUNA Operations, Sales & Service Council.

KEYWORDS payments
  • Related Articles

    Ohio, Ga. video: Merchants not watching your wallet

    Diebold leverages ATMs for digital wallet security

    CSCU intros digital wallet for FIS clients

Subscriber Exclusives Break-through branding

Break-through branding: Build an emotional connection

When Elevations Credit Union expanded into two new counties, senior leadership set out to tell its story in a bold, fresh way.
How technology transforms marketing

How technology transforms marketing

Artificial intelligence improves member conversions, engagement, and retention.
Analytics drives journey toward data nirvana

Analytics drives journey toward 'data nirvana'

Data analytics can provide the 'oh wow' moment of discovering member behavior.
Subscribe Now

Trending

  • It's time to expand our cooperative principles

  • Compliance: Checklist consolidates final rules, regs from 2018

  • Change is unconventional

Tweets by CUNA_News

Polls

Who should be the 2019 Credit Union Hero of the Year?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors