Mobile payments have been around for a while (Apple Pay launched more than two years ago), but they remain a “very low” percentage of all transactions.

That’s no reason to sit on the fence about enabling your credit union’s cards for digital wallets, says Jeremiah Lotz, PSCU's digital payments expert, on the CUNA News Podcast.

Even though digital wallet use isn’t skyrocketing, members can see digital wallets in the marketplace and will look to use them.

What credit unions don’t want is for consumers to lack access to their card in a digital wallet, Lotz says, if that’s their preferred payment method.

But when will mobile payments become mainstream?

“That’s a good question,” he says.

Consumer adoption of the EMV (Europay, MasterCard, Visa) process at the checkout could speed up adoption of mobile payments, Lotz says.

That forced change in behavior may ease the transition to another change in behavior toward digital wallets.

In addition to EMV and digital wallets, Lotz discusses a variety of payments trends and the impact emerging technologies will have on the future of payments.