ST. PETERSBURG, Fla.—With Apple Pay likely nudging more consumers toward mobile payments, PSCU is working with Apple to make sure credit unions are able to enroll with the mobile wallet.
PSCU stated that it is providing guidance to its credit unions to bring them on board. Since mid-September, the CUSO has provided webinars to more than 1,000 participants, and nearly 100 PSCU credit unions have already signed up to participate in Apple Pay and implement tokenization, part of the Apple Pay solution.
Tokenization is the process by which a credit card’s primary account number is securely converted to a random numerical sequence that effectively eliminates the need for online retailers to store encrypted account numbers in their systems.
Apple Pay is just another offering in PSCU’s existing suite of digital payment solutions, such as Google Wallet, MasterCard’s MasterPass and Visa’s Visa Checkout, the company explained. Once approved by Apple, PSCU is ready to support tokenization as the next industry security standard.
“PSCU’s assistance extends beyond step-by-step processes, to include the creation of strategies and marketing plans that will ensure PSCU credit unions win their place at the top of digital wallets,” said David Hall, SVP of vendor alliance partnerships for PSCU. “PSCU enables credit unions to gain access to the types of payments ideas, innovations and investments that will help them grow and stay relevant with their current and future members.”