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What’s in Your CU Wallet? Control of Member Loyalty, Data and Perhaps Interchange Fees

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By Roy W. Urrico

Screen Shot 2013-11-13 at 11.24.51 AMIn a familiar Seinfeld episode George Costanza carries a wallet so full that it throws his back out and finally explodes from being overstuffed. “This isn’t just my wallet. It’s an organizer, a secretary and a friend,” says George. To which Seinfeld suggests, “Well, your friend is morbidly obese.” Nowadays consumers seek ways to organize items previously carried in back pockets or purses onto their mobile devices. Items such as payment devices, receipts, and access to point-of-sale (POS) systems, ATMs and merchants, now sit amid an unwieldy list of apps and widgets on smart phones and tablets. Or users can manage them with an e-wallet such as the newly announced CU Wallet—a mobile initiative created by credit unions, for credit unions—which seeks to reach out to mobilizing members and also tackles the issue of diminishing interchange.

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