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Fifteen credit unions are betting the time is right for a credit union centric digital wallet. That’s why they threw their weight behind startup CU Wallet, the brainchild of Paul Fiore, founder of Digital Insight, and Kirk Drake, CEO of the Hagerstown, Md.-based CUSO Ongoing Operations.

The move was announced in a Sept. 23 press conference and elaborated upon in follow-up interviews with the principals. Details remain vague, but officials say the driving force behind CU Wallet is a belief that credit unions need to jump on the digital wallet trend before competitors like PayPal and Google Wallet grab credit union members for themselves.

“CU Wallet provides credit unions the opportunity to not only stay competitive, but to potentially leap ahead of other financial institutions,” said Dennis Pierce, CEO of $1.8 billion, Lenexa, Kan.-based CommunityAmerica Credit Union, one of the 15 backers of CU Wallet. “We’ve seen significant mobile adoption at CommunityAmerica, and we believe mobile wallet adoption is in the near future.”

 

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