Of the initial 500 financial institutions that have signed-up for Apple Pay and the two-thirds majority of credit unions, an estimated 90 of PSCU’s credit union member-owners are at the sponsor level. PSCU says the future of credit union relevance depends on how well credit unions understand and participate in the Millennial Shift and the digital revolution.
PSCU is the primary CUSO guiding credit unions through onboarding and conducts ongoing analysis of the digital landscape to ensure the industry remains ahead.
As the top provider of payment solutions for credit unions, PSCU has long anticipated the announcement of Apple’s new mobile wallet, ApplePay, and expects other solutions to join the market in the near future. Much like its EMV leadership, PSCU is using its scale to provide lock-step guidance to its credit unions and bring them on board. Since mid-September, the CUSO has provided webinars to more than 1,000 participants, and nearly 100 PSCU credit unions have already signed up to participate in Apple Pay and implement tokenization.
The new digital wallet augments PSCU’s existing suite of digital payment solutions, which include Google Wallet, MasterCard’s MasterPass and Visa’s Visa Checkout. Once approved by Apple, PSCU is ready to support tokenization as the next industry standard in secure mobile payments. Tokenization is the process by which the primary account number is securely converted to a random numerical sequence that effectively eliminates the need for online retailers to store encrypted account numbers in their systems. Apple Pay will enable consumers to transact at brick and mortar retailers via their iPhone 6 and iPhone 6 Plus utilizing the same tokenization technology. The company is working with all stakeholders to create a scalable and efficient process for onboarding both tokenization and ApplePay.
As a brand known for simplicity in operation, Apple’s new digital wallet features an automatic payment option, which is fueling the race for credit unions to win their place as the default payment card of choice. In response, PSCU has armed its credit unions with extensive educational resources, including webinars and frequent communications across various channels.
St. Petersburg, FL-based PSCU is the nation’s leading credit union service organization (CUSO) and serves more than 1,500 financial institutions nationwide. The company is owned by over 700 member credit unions representing nearly 17 million credit, debit, prepaid, online bill payment, mobile and electronic banking accounts.
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