Digital Wallet From Visa
Credit unions processing their payments with FIS and The Members Group are among the first to have the chance to sign on with V.me, Visa’s new digital wallet program designed to make online shopping easier and more secure.
The FIS processing credit unions will be able to access the new program through membership in Card Services for Credit Unions, the association of credit unions that process payment transactions.
“As online, mobile, and physical payment environments converge, we are excited to provide our credit unions and their members access to the next-generation of payments solutions with V.me,” said Robert Hackney, president of CSCU.
V.me presents an opportunity for issuing credit unions to strengthen accountholder relationships by offering a new service that addresses the growing trend toward shopping online, CSCU said when announcing the offer. “Through credit union branding and Visa-backing, accountholders can shop with comfort and checkout with ease knowing they’re protected by layers of security within Visa’s industry-leading network. Once logged into V.me, all that’s required to make a purchase is a simple click of a mouse, touch on a mobile browser, or in the future, a wave at the physical point-of-sale.”
“Whether you’re shopping for holiday gifts or shopping for yourself, V.me is now available to anyone in the U.S. looking for a more simple, secure and personal online shopping experience,” said Jennifer Schulz, global head of eCommerce for Visa. “We understand that need and believe our longstanding relationships with financial institutions, merchants and acquirers put Visa in a strong position to deliver the very best digital wallet experience.”
FIS processing credit unions that have opted in to the offer include SECU in Linthicum, Md.; Directions Credit Union in Toledo, Ohio; MECU in Schaumburg, Ill.; SCE Federal Credit Union in El Monte, Calif.; Community Credit Union of Florida in Rockledge; Michigan State University Federal Credit Union in East Lansing, and Credit Union of Colorado in Denver.
“Consumers are increasingly turning to the Internet to check off their holiday shopping lists,” said Brandon Kuehl, product development architect for TMG. “V.me not only allows secure online purchases, it makes the process of shopping via any Internet-enabled device extremely simple by storing preferred payment and shipping information. What’s more, the service keeps a record of all purchases made with V.me, including shipping addresses, tracking information and receipts, so holiday shoppers have access to all of their shopping information in one place.”
TMG clients who sign on for V.me will not lose any branding opportunities–a concern some issuers have expressed as they research digital wallet options, the processor reassured, adding that TMG clients’ card art will appear in the V.me service, maintaining the credit union or community bank’s brand inside of the service.
Kuehl said the CUSO had only just begun to roll out the V.me option, so there was not yet any hard figures on how many TMG processing credit unions were opting for the new service.
“V.me is the first of many payment innovations TMG will bring to our financial institution clients,” said Kuehl. “Especially for smaller issuers, it’s becoming increasingly important to offer customers multiple ways to transact. TMG’s product roadmap is based on this very idea–offering many innovative payment options so our financial institution clients keep pace with competitors in what is a very complex marketplace.”