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Security Service Federal Credit Union joins CU Wallet venture

The credit union wants to draw younger consumers to its institution with mobile payments.

Published

Sept. 12, 2014

CU Wallet, a collaborative credit union-owned and -directed mobile payments technology provider, Thursday announced Security Service Federal Credit Union has made an investment and selected CU Wallet as its mobile payments and mobile wallet provider. Headquartered in San Antonio, Texas, SSFCU is among the top 10 largest credit unions in the nation, and is the largest in Texas, Colorado and Utah, according to press release.

SSFCU signed an agreement with CU Wallet citing three primary reasons:

  • CU Wallet's unique business model, designed to generate new revenue streams that replace diminishing interchange models;
  • The ability to attract next-generation members, specifically millennials; and
  • CU Wallet’s focus on merchant relationships and ensuring credit unions are positioned positively to navigate merchant relationships and negotiations.

"There's no question, mobile is the future," Jim Laffoon, president and CEO of SSFCU, said in a statement. "In fact, for the last six months, we've experienced a minimum of 8- to 12-percent growth per month in each of our mobile channels. Partnering with CU Wallet ensures we are able to continue to meet members' mobile demands through a SSFCU branded mobile wallet."