There's a frightening reality facing today's credit unions – they may no longer be integral to the movement of money. Emerging payments technologies from companies like Verizon, Apple, Google and others threaten the very makeup of the payments ecosystem.
Backed by strong brand recognition and plenty of resources, these powerhouse providers are working overtime to control every aspect of the consumer purchase experience. Couple this threat with what appears to be an imminent decline in debit interchange income, and it's no wonder credit unions are nervous about the future of payments as a profit center.
What's driving the change?
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