Lake Trust CU Debuts MasterPass Digital Wallet
St. Petersburg, Fla., CUSO PSCU and $1.5 billion Lansing, Mich.-based Lake Trust Credit Union have announced that Lake Trust is the first credit union to pilot MasterCard’s new MasterPass digital wallet to permit fast checkout from participating online retailers.
The service is comparatively new. MasterCard announced its debut in late February.
The advantage of MasterPass is that the consumer needs only to click on the MasterPass logo at participating retailers and complete a quick log in. This makes it much faster and easier to check out, said PSCU’s Denise Stevens, a vice president.
“People who do this will never want to fill out all those forms again,” said Stevens who indicated the convenience of MasterPass will likely become sharper as more users complete purchases using mobile devices where data input can be challenging.
The MasterPass analogy is to PayPal, which offers quick purchasing at many online merchants.
In setting up a MasterPass account, the consumer is permitted to enroll multiple credit cards. Most branded credit, debit and prepaid cards are acceptable.
Stevens added: “We believe this will bring a better consumer experience. We also believe it will help credit unions position themselves as keeping pace with technology innovations.”
“A couple other credit unions” may also begin piloting MasterPass, said Stevens, who indicated that a broader rollout is on PSCU’s to-do list.