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Mobile Payments an Option for Members of North Carolina’s State Employees’ Credit Union

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BY SANDRA JONES

Just how much in sales dollars is your credit union missing out on by not offering your members mobile payment options? A North Carolinian credit union’s recent launching of such services offers a compelling case study. Read on to find out how the CU fared and how yours might too.

Mobile payments have been a hot topic for smartphone aficionados for quite a while, but many financial institutions have been slow to jump on the bandwagon to allow the option, despite pressure from would-be users.North Carolina-based State Employees’ Credit Union (SECU) chose not to jump quickly, but after much research and preparation, the CU recently announced to its more than two million members the availability of Apple Pay™, Samsung Pay™, Android Pay™ and the online payment option VISA® Checkout.In the first few weeks of offering mobile payments, its credit union membership quickly responded.

So how do mobile payments work?Consumers with supported devices such as newer models of smartphones can use a mobile wallet application to add their credit or debit card.The actual card number is replaced with a secure 16-digit token.Once card enrollment is completed, secure purchases can be made at any participating merchant with a simple click or tap of the mobile device. SECU noted nearly 14,000 active tokens for credit union cards, with more than 54,000 transactions processed. That amounted to $344,000 in total sales in the CU’s first weeks of offering the service.

This content is for CU BUSINESS eMagazine , Special Deal: 2 websites , and NEW! The Leadership Team Builder Group Subscription members only.
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