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Posted: Feb 6, 2017
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Author: Paul Castner

CSCU payments prognosticators are at it again!

It’s time to put our carefully laid plans for 2017 into action. What will 2017 bring? We asked two CSCU thought leaders to share with us their predictions for the year and implications for the credit union community.

Tom Davis, CSCU’s SVP of Finance & Technology, gave us his top predictions:

Checkout-less shopping will proliferate.  Merchants like Chipotle and Taco Bell have already released their “order ahead” and “checkout-less” shopping apps.  Sam’s Club joined the party when they released their “Scan and Go” app in 2016.  Amazon’s new checkout-less grocery store is taking all of this a step further.  These apps and shopping experiences provide real conveniences that consumers value

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Posted: Jul 22, 2016
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A follow up to previous TPR article on this topic

Fraud continues to be the number one reason why a cardholder moves a card from top of wallet. And fraud isn’t cheap, costing the issuer in liability for the fraudulent charges plus the cost of reissue.  Additionally, there is the potential of lost revenue from the card being moved from the number one position in the cardholder’s wallet.

A previous thought leadership article on ThePaymentsReview.com introduced the concept of putting the cardholder in the middle of the transaction, meaning enlist the cardholder to take ownership of monitoring card purchases and respond quickly to potential fraud.

A shining example of success implementing this strategy took place over the 4th of July weekend. FIS, CSCU’s processing partner and international provider of financial services technology and outsourcing services, rolled out a new product, SecurLOCK Communicate.  The product alerts credit and debit cardholders of potential fraud in real time via a two-way interactive text message (SMS), or a voice call, or an email.

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Posted: May 17, 2016
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Author: Tom Davis

CurrentC, the much publicized merchant-owned mobile payment system announced in August 2012 by Merchant Customer Exchange (MCX), is closing up shop, according to a company statement released on May 16. An MCX spokesperson said the decision was a result of feedback from the CurrentC pilot program and the need to focus their resources on “other priorities,” including Chase Pay. 

To get more insights and details on the decision to pull the plug on CurrentC development, click here to read the PYMNTS.com article, “Say Bye-Bye To MCX CurrentC.”

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Posted: May 11, 2016
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Author: Paul Castner

Last week we posted an article on The Payments Review (TPR) about the evolution of Apple Pay that cited statistics showing that the number of users who try Apple Pay at the point of sale (POS) is increasing, but that as a POS payment alternative to cash or a card swipe, it has been slow to catch on.  However, in app purchases, according to the TPR article, is where the action is for Apple Pay and it is seeing the biggest gains in usage and transactions. 

 

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Posted: May 4, 2016
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Author: Tom Davis

Apple Pay made headlines when it launched back in September 2014.  Many analysts celebrated, hailing the introduction as the advent of mobile payments. In reality, Starbucks was already successful with their mobile payments app, Uber was accepting payments in-app, and Disney had rabid fans paying for Mickey balloons and Mickey Ice Cream Bars using their Magic bands, years before Apple Pay launched.

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