PSCU announced an agreement with MasterCard to offer the MasterPass digital payment service to the CUSO’s nearly 700 Member-Owner credit unions. The payment platform will enable shoppers to more conveniently and securely perform transactions during checkout.
PSCU will initially implement the online wallet functionality in Spring 2013. In this initial phase, MasterPass provides online shoppers a simple check-out process by eliminating the need to enter detailed shipping and card information with every purchase. PSCU’s future implementation phases of MasterPass may allow consumers to go beyond plastic and use an enabled device for in-store purchase transactions.
“MasterPass empowers our credit unions to add a higher level of efficiency and value to their members’ payments experiences,” said Michael J. Kelly, PSCU President and CEO. “As more and more consumers demand versatile, mobile-based and secure ways to transact wherever they are, PSCU’s credit unions will be there to help them. This service is a key solution in establishing our Member-Owners as the most capable and relevant financial institutions for current and future members.”
Lake Trust Credit Union (Lansing, MI) has joined PSCU as a participant in testing the new digital solution. Following a prototyping and pilot period, PSCU will communicate availability of the solution to its Member-Owner credit unions.
MasterPass is a digital service that allows consumers to discover enhanced shopping experiences. In addition to MasterCard cards, consumers can use other branded credit, debit and prepaid cards. Consumers register their payment cards with MasterPass through their credit union’s own branded MasterPass site to store their payment, billing and shipping information in one convenient and secure location.
“In today’s increasingly connected world, consumers expect to be able to pay for things how, when and where they want,” said John Ainsworth, Group Head, U.S. Markets, MasterCard. “Today’s announcement is the latest example of how we work closely with PSCU and other credit unions to bring to market innovative solutions that will make an impact on their members’ daily activities.”
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation’s leading credit union service organization (CUSO) and serves more than 1,500 financial institutions nationwide. The company is owned by nearly 700 member credit unions representing 16 million credit, debit, prepaid, online bill payment, mobile and electronic banking accounts. Comprehensive 24/7/365 member support is delivered through four Contact Centers located throughout the United States that handle more than 19 million inquiries a year.
PSCU’s MōPRO initiative marries emerging technologies, such as EMV and mobile and digital wallets, with proven strategies and empowers the CUSO to lead the industry in developing innovative payments solutions. This new culture of engagement, agility and energy can enhance both revenue and market share for Member-Owner credit unions. For more information, visit the PSCU website at www.pscu.com.