The payments industry is exploding with new technologies and new entrants with companies you never thought would be in payments: Apple, Google, Amazon, Facebook and so on. It seems like every day there is a new upstart trying to break in, including Venmo, Bitcoin, Revel and Snapchat. This can leave credit union executives feeling vulnerable on many fronts. Not only are you left questioning the relevance of your current payment solutions at your credit union and in the movement, you also must worry about the risk these start-ups and even the big players pose to your membership.
When Apple Pay launched, only three Debit PIN networks were compliant with the Durbin Amendment’s dual-routing rules. Rushing into a new venture like this one could create financial or compliance risk if you are not getting sound advice. At MAP, we are committed to balancing good management practices against the tide of daily news stories and the promise of the next-big-thing.
CardControl. I can’t tell you how excited we are about this solution. Mercator Advisory Group research states that more than 40% of the U.S. adults surveyed express interest in obtaining this type of service from their financial institution. Mercator believes that debit card issuers will make this capability a standard offering to cardholders over time.
Your members want a fast, smooth, easy experience that they can trust. This is where credit unions have the advantage. Your members care about your institution. They want their payments to be easy and secure. They want to share in your success, but they also care about the risks, including card fraud, mega bank competition, and speculative schemes. In short, they have a stake in their payments.
Members do not want to relinquish control of the transaction process even as they demand more convenience. This issue is complete with products and solutions that will assist you in being competitive while serving your members as a stakeholder in your credit union’s success.