Engaging Cardholders in the Age of Digital Payments

BY BILL PRICHARD

It’s no longer a question of if your members will embrace digital payments but when they will. Is your credit union doing everything it can to ensure your credit union’s cards stay top of mind in this contactless payment world? Here’s what you may be missing.

According to statista.com, mobile payment revenue will top $1 trillion in 2019, up from $450 billion in 2015.

By the end of 2017, more than 50 million U.S. smartphone owners will have accessed NFC technology or another contactless payment platform. And in 2018, users of the technology will spend more than $1,900 during the calendar year tapping their smartphones at checkout.

Clearly, advances in mobile and digital tech are redefiningpayments. And the way members use your cards may never be the same.

“As a credit union, you simply need to make the leap into digital payments with the right strategy and then keep pace with the technology,” said Jennifer Kerry, vice president, credit card services for CO-OP Financial Services (www.co-opfs.org). “This is an unforgiving market, and in order for your cards to stay ‘top of phone’ and top of mind, you must make every digital payment as seamless as possible for members.”

Here is what your credit union needs to know:

  1. To Members, “Card on File” Means “Set It and Forget It.”

Kerry emphasized that online and mobile commerce is on the rise and that this tendency has implications for payments.


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