CU Wallet, a collaborative credit union-owned and -directed mobile payments technology provider, announced during the recent CUNA Technology Council that it is launching a credit union-centric mobile wallet application. At the time of the launch, 15 credit unions, ranging from $400 million to more than $5 billion in assets, and representing more than 2 million members nationwide, have signed agreements with CU Wallet, according to the announcement.

"Mobile wallets should be a strategic priority for every credit union," Paul Parrish, executive vice president and CFO of One Nevada Credit Union, said in the announcement. "We've evaluated third-party mobile wallet solutions currently available in the market, and there isn't a viable choice for credit unions. By aligning the credit union industry in a collaborative initiative, CU Wallet is providing a solution that will meet members' demands, while protecting and building member loyalty."

CU Wallet combines high-tech innovation with direct credit union ownership, the company said. CU Wallet's mobile payments platform is designed by credit unions, for credit unions to meet the needs of an increasingly mobile membership base, attract a new generation of members and generate new, sustainable revenue streams, according to the announcment.

CommunityAmerica Credit Union CEO Dennis Pierce said in the announcement that CU Wallet "provides credit unions across the country the opportunity to not only stay competitive, but to potentially leap ahead of other financial institutions" and get ahead in the game.

"We've seen significant mobile adoption at CommunityAmerica, and we believe mobile wallet adoption is in the near future," he said. "Credit unions must be at the forefront of these emerging technology solutions to ensure future growth."

Learn more about mobile wallets.