A revolution is brewing in the payments industry. The future of payments technology is now in the hands of consumers in the form of their mobile devices and smart phones.
At 80 million strong, Gen Y will soon control the nation’s wealth, posing a mammoth opportunity for credit unions. Born during the early 1980s and the late 1990s, the group is more than three times the size of Generation X and exerts major influence on American culture.
Google, Visa, MasterCard, Sprint, and even Pentagon Federal Credit Union. The list of early proponents of innovative near field communication tap and pay mobile technology keeps growing. But that brings two questions into sharp focus.
CU clients of Fiserv may soon be able to offer their members personalized smart chip cards, according to an announcement from the technology firm.
PayPal gave merchants and others a peak at the new payments technology that, it said, will allow it to overcome the dominance of Visa and MasterCard at the point of sale.
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Listen hard and it as though you can hear the rush of credit unions to adopt mobile banking. It is coming that fast.
The $95 million Premier Credit Union in Des Moines, Iowa, is the first customer to commit to using the new person-to-person payments platform from hometown startup Dwolla.
Des Moines, Iowa startup Dwolla has signed the first credit union commitment for its new person-to-person payments platform.