NEW WHITE PAPER FROM Card Services for Credit Unions®.
THE MOBILE PAYS ENVIRONMENT.
WHAT CREDIT UNIONS NEED TO
KNOW.
TAMPA, Fla. (February 7, 2017) Card Services for Credit Unions®, one
of the country’s leading Card Services for Credit Unions®, recently published its latest thought
leadership brief. It is titled “The Mobile Pays Environment for Credit Unions”
and is designed to provide a means to understand the varying features of the
mobile wallets and to give an overall picture of their position in the
marketplace.
“Credit unions are scurrying to keep up with the
seemingly ever-changing landscape so they can develop and adopt digital
strategies that allow them to keep their payment products in the game,” said Tom
Davis, Card Services for Credit Unions® senior vice president, finance & technology. “They are asking
themselves, should I get my own branded mobile wallet or should I just ensure
that my brand is in all the pays?” Davis added.
The brief intends to help credit unions make
sense of the many elements to consider when analyzing the various mobile wallet
alternatives and uses several differentiating factors to compare eleven (11) of
the most popular mobile pays. The factors used are device requirements,
communication, acceptance, security, active/passive, in-app purchasing, loyalty
and incentives. This information is discussed and carefully outlined in an
easy-to-understand matrix. According to Davis, “Understanding the
differentiations will allow us to understand the various mobile wallets and how
they stack up to other alternatives in the marketplace today. Even those mobile
wallets that are yet to come.”
One additional factor outlined in the paper is
the revenue impact of mobile pays. These costs, the brief explains, can come in
the form of transaction fees, tokenization fees, mobile wallet enablement fees,
or in the case of Apple Pay, reduced interchange. Other revenue impacts come in
the form of steering of transactions away from higher revenue products to lower
revenue products.
The brief recommends that a credit union’s
digital strategy should include determination of which, if any, of the mobile
wallets to participate in. Ultimately, the decision is based on many factors:
perception of high tech, defensive strategy to protect card usage and
associated interchange, keeping cardholder satisfaction high by being in all
the possible wallets being demanded, costs to be in wallets, and in the case of
white-label wallets, branding decisions.
To download this and all other white papers/research
briefs from Card Services for Credit Unions® please visit
www.cscu.net/whitepapers.
###
About
Card Services for Credit Unions®:
Card Services for Credit Unions® knows about cards and payments.
As a leading provider of processing services to credit unions, Card Services for Credit Unions® delivers
solutions to help simplify the increasingly complex world of payments. Through
one-on-one portfolio consulting, industry insights, marketing and thought
leadership resources, their goal is to help credit unions not just survive, but
thrive.
CONTACT:
Shelly-Ann Henry, PR & Communications Mgr., swilsonhenry@cscu.net