MasterCard partners with CU Wallet to deliver digital wallet service for credit unions
MasterCard and CU Wallet have partnered to deliver a customized digital service to credit unions that is intended to speed the development and deployment of mobile wallets and payment solutions for community financial institutions by offering the MasterPass digital service, according to a press release.
The 120 member credit unions of CU Wallet, who represent more than 10 million members, can now offer MasterCard's digital wallet service in their own credit union-branded mobile application. CU Wallet's on-device application and back-end infrastructure will enable consumers to use MasterPass to make purchases in store, online or in-app with any payment card across multiple communications technologies, including NFC, QR/barcodes and remote checkout.
"There is inherent value in the relationship that people have with their chosen financial institution, and we think that should remain at the center — even in a digital environment," said Matt Barr, group head of digital payments for MasterCard. "By leveraging the MasterPass API we are able to complement the CU Wallet offering to deliver a truly holistic customer experience across devices and payment channels. By integrating into the credit union's digital banking services, this also opens the door for enhanced loyalty and reward services."