PURCHASE, N.Y. and WOODLAND HILLS, Calif. –MasterCard and CU Wallet said they are partnering to deliver a customized digital service to credit unions. CU Wallet will speed the development and deployment of mobile wallets and payment solutions for community financial institutions by offering the MasterPass digital service, the companies said. It will also provide a seamless and secure shopping experience to credit union members wherever they shop – in‐store, in‐app and online – on the device of their choice.
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 simply and safely make purchases in store, online or in‐app with any payment card across multiple communications technologies, including NFC, QR/barcodes and remote checkout – providing an easier way to pay and a more seamless, end‐to‐end consumer experience, according to the companies.
“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, Digital Payments, MasterCard. “By leveraging the MasterPass API we are able to compliment 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.”
“The MasterPass acceptance network will provide our member financial institutions with increased transactions supported by a secure, compelling and convenient digital shopping experience,” said Paul Fiore, CU Wallet’s Chief Executive Officer and Founder. “This partnership is a significant milestone in our company’s history and our team is thrilled to work together with MasterCard to deliver innovative customizable mobile wallet solutions for financial institutions.”
According to the two companies, the joint digital solution from MasterCard and CU Wallet keeps the credit union brand at the forefront on the digital wallet and at checkout, while providing consumers an easy, intuitive and low friction shopping experience at thousands merchants.