Your latest mobile wallet questions answered by Rebekah Higgins, Synergent Vice President of Payment Services.
Effectively connecting with your members today is a blend of personal interactions and offering the technology they have come to rely upon. Understanding evolving payment needs and implementing a plan at your credit union is essential. Rebekah Higgins shares some of the latest information in the area of mobile wallets, aka “The Pays.”
Is the adoption rate of mobile wallets on par with what was initially forecast? Is there anything that credit unions can do to further the expansion of this service for their members?
“The adoption rates for credit unions who have implemented this service appear to be on point with what was predicted. Since these payment methods are linked to either the device or device software a consumer has, credit unions are limited to these requirements. As merchants continue to advertise that they accept these payment methods, cardholders will be driven to financial institutions who offer these services. Marketing the availability of these services is key.”
View a recent case study in which a marketing campaign yielded a 6,000% increase in new credit lines!
Members often have questions about how secure their financial data is in a mobile wallet and how many brick-and-mortar locations a mobile wallet can be used at. What guidance would you provide about mobile wallet security and accessibility?
“Security and accessibility information need to be part of the marketing campaign and member communication that credit unions use as they introduce these products. Both Apple and Android list the accepting merchants on their websites, and there continue to be several industry-based articles regarding security and acceptance of these services.”
It is essential that credit unions stay ahead of the curve with payments innovations. What’s the next big thing in payments that you are hearing a lot of buzz about?
“We will see enhancements to the latest payment methods such as EMV and tokenization. Some items that have recently been introduced include features that further protect cardholder information for e-commerce transactions, the ability for a cardholder to access cash at ATM terminals without a physical plastic card, and continued enhancements to card control apps.”