The jury is still out asto which wallet technology will win the hearts of consumers andretailers. My gut tells me it'll be a long while before we have onevirtual wallet to rule them all. As the battle rages on, potentialwallet providers are surfacing from some of the most unlikelyplaces and industries.

An unintended consequence of the Durbin amendment is that manyof the larger, national banks canceled their debit rewards programsas they no longer made financial sense for them. Credit unions havea unique advantage in this arena. If you offer debit rewards,that's a great incentive to make your debit card the defaultpayment card for your members.

Based on market research of the mobile wallet space, we thinkthere is an opportunity for credit unions to get their cardsembedded into as many of these wallets as possible.

While we know there are countless virtual wallet optionsavailable to members, we've highlighted seven of the more commonopportunities in the market.

(1) Amazon. Let's face it, Amazon is ane-commerce giant, and its reach just keeps growing. They'verecently added “Pay with Amazon” that enables a payment button onpartners' websites for easier checkout. And their new mobile phoneis built for easy mobile shopping. Add in grocery delivery as wellas “Subscribe & Save” and you have a high-volume merchant.

(2) Starbucks. With more than 10 million activeapp users, this is arguably the most well-adopted and loved mobilewallet application that is currently available. You undoubtedlyhave members using it on a regular basis.

(3) Dunkin' Donuts. A close runner-up to theStarbucks app, the Dunkin' Donuts app is well-reviewed andincredibly popular among the chain's loyal fans. Look for it tocontinue to grow in popularity and usage.

(4) iTunes. Every year, pundits prognosticateabout if/when Apple will enter the payments space, and most agreethat iTunes will be the hub for it. It is estimated that iTunes has800 million user accounts (worldwide) and as many payment cards andaccount numbers tied to those accounts.

(5) Google Play. Google Wallet hasn't quitetaken off, but let's not count Google out just yet. The Google Playstore is its answer to Apple's iTunes. As the center for Androidapps, it seems like a logical pivot point for Google to expand itspayments capabilities.

(6) PayPal. This one isn't new, but itsexpansion to brick and mortar retailers is. Although theirincentive for ACH is strong, there is untapped opportunity to getmore credit union payment cards linked to members' accounts.

(7) Direct Carrier Billing (Mobile PhoneCarrier). Not often included in conversations about mobilewallets, the mobile phone carrier is playing an increasinglyimportant role in how many consumers purchase digital content.While it may have once been relegated to games and ring tones, itis being expanded to real-world applications like event tickets andparking.

While this list may provide a good starting point, every creditunion also can look for inspiration from their membership in thesefive ways:

• Dig into ACH and bill pay transactions to identify merchantsthat your members are using.
• Look for new opportunities to add your debit or credit card asa payment option.
• Exploit your competitive advantage in debit rewardsprograms.
• Talk to your members about these wallets. Educate them on howyou can help.
• Look to your processor and MasterCard or Visa for marketinghelp around card-based recurring payments.

The battle is being hotly contested by a number of players inthe mobile and wallet space. Hidden in the chaos is an opportunityfor credit unions to get deeper engagement with their members, maketheir accounts a little stickier and to earn some additionalinterchange.

Ryan Zilker issenior manager, market analysis, for CO-OP Financial Services in RanchoCucamonga, Calif.