RANCHO CUCAMONGA, Calif. – CO-OP Financial Services is reporting it is supporting two credit unions–BECU and First Tech FCU–that were day one issuers of Mastercard’s payments services for Garmin and Fitbit wearable devices.
As CUToday.info earlier reported here, Mastercard announced it is adding payment capabilities to the newly launched Garmin vívoactive 3 to provide active customers a watch that frees them from having to carry their phone or wallet around.
“Wearable fitness trackers and smartwatches are popular with many different segments of today’s digitally engaged consumer,” said Todd Clark, CO-OP president/CEO. “And the market is ready for the next iteration of these devices, which are ultimately about making our lives easier. Consumers are eager to use their wearables in new ways, and secure, on-the-go payments are one of the most compelling, particularly for the young and active cardholder segment served by MasterCard, CO-OP and the credit unions we collectively support.”
Clark added that keeping pace with emerging digital technologies is critical for growth-minded credit unions.
“Attracting digital consumers to credit union membership hinges on the movement’s ability to hustle into a first-mover stance. As consumers across the country unbox their shiny new wearables from FitBit, Garmin and other fan-favorite tech brands, credit unions need to be right there saying, ‘Yes, we support that.’
“More than 100 million consumers have already chosen to join a credit union, largely because of the relationships and trust these cooperatives have built with their members,” Clark continued. “As digital banking and payments tools explode on the scene, many of these members will look to their credit unions for leadership on which are safe to use.”