Monthly Webinars to Focus on Emerging Payment Trends

Americans are increasingly turning to their computers, mobile phones, or tablets to make payments, but the financial services industry has yet to settle on a standard for handling those payments and there is no clear favorite among the dozens of emerging payment technologies.

That’s the conclusion of two recent surveys—one by Fiserv Inc. and another by the Credit Union National Association—and the impetus behind a new series of monthly webinars sponsored by CUNA in conjunction with its CUNA Technology Council/CUNA Councils.

The CUNA seminars, which started in September, invite speakers to present their spin on the future of the payments industry. The next webinar features Rita Ramirez, vice president of emerging payments for MasterCard Worldwide, who has worked with financial institutions, major retailers and processors to implement next-generation payment solutions such as mobile and NFC, wallet, POS solutions, PayPass, and bill pay.

(Card Services for Credit Unions just made one of those payment options, MasterCard’s digital wallet service, available to its 2,600 member credit unions. The MasterPass service lets cardholders use any enabled mobile device—or the Web—to make one-touch payments at any retailer that accepts MasterPass.)

CUNA’s next free webinar is scheduled for 11 a.m.-noon on Monday, Nov. 18. More information is available here.

Fiserv’s survey of 2,500 technology users, “How Americans Pay Each Other,” found that 60 percent of consumers surveyed make a payment at least once a month using a laptop or desktop computer, 30 percent pay via their mobile phone and 22 percent pay with their tablet.

Those numbers were confirmed in a CUNA survey released this week that found that among smartphone users, more than half use their phone to make some type of mobile payment. The CUNA survey of 1,046 mobile phone users said “ease of use” was the biggest benefit of mobile payments, but that security remains users’ biggest concern.

Despite that concern, the Fiserv survey found that most respondents want a digital payment option from their financial institution. That, CUNA says, presents a key opportunity for credit unions to step in with solutions to consumers’ needs.

Look for more survey results here.

 

Questions? Contact Gary Stein: 503.350.2216, gstein@nwcua.org.

Posted in CUNA, Events.