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Posted: Jan 12, 2017
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Author: Lou Grilli

Mobile P2P users in the U.S. will grow from 69 million to 126 million by 2020

Credit and debit cards have become the non-cash standard way to pay merchants, due to ubiquitous acceptance and worldwide standards. But when it comes to paying another person, there is no standard way to do so, and many hurdles stand in the way of completing a person-to-person (P2P, sometimes called peer-to-peer) transaction. It certainly is not due to lack of need. Roommates splitting the rent and the utilities, diners sharing the bill, friends sending monetary gifts for a birthday, and travelers splitting vacation costs are the top 5 use cases for P2P payments, which represents $50 - $80 billion in payments. This number is hard to pinpoint, since the vast majority of these P2P payments are still being made using cash and to a decreasing extent, personal checks.
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Posted: Jan 6, 2017
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Author: Tom Davis

CSCU's Tom Davis self grades his 2016 predictions. What grades would you give him?

At the beginning of 2016, I made several predictions about what would be happening in payments and how they would impact credit unions. With 2016 now in the rear view mirror, it is time to take a look back at what happened in 2016 and grade my predictions – the original article can be found here.

Mobile wallets

My Prediction: “MasterCard Digital Enablement Service (MDES) and Visa Digital Enablement Program (VDEP) have streamlined credit unions’ enrollment in mobile wallets.  In 2016, we expect as more mobile wallets become available from smartphone makers such as LG and HTC, this process will become even more efficient” “

How I Did: ‘B’ I correctly called the role that MDES and VDEP had in enabling credit unions to enroll in the “Pays” – by the end of the year more than half are enrolled. But I missed the mark on LG and HTC releasing their pays.

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Posted: Dec 22, 2016
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Author: Tom Davis

Cloud-based solutions provide convenience to consumers and cost-savings for merchants.

With the release of Apple Pay back in 2014, mobile wallets at the point of sale (POS) have been all the buzz.  Apple, Samsung, and Android have swallowed up the headlines with their POS payment innovations.  However, the next wave of POS payment innovations have dramatic changes in store.  In fact, it could be said that mobile wallets are about to be leapfrogged by a new and better way to pay.  Several checkout-less shopping technologies are starting to show up in the marketplace leveraging “cloud-based payments”.  With checkout-less shopping, consumers can walk into a retail establishment and take whatever products they want off the shelves and walk right out of the store.  No lines, no hassle, and the payment happens automatically and is mostly invisible.  Sounds too real to be true?  It isn’t!  In fact there are several examples in market across many different retailers utilizing several different technologies.
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Posted: Nov 16, 2016
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Author: Paul Castner

What sounds like a sci-fi movie is now playing at a home near you. Are you ready?

Editor’s Note: CSCU Director of Payments Strategy, Lou Grilli, presented at the Reach Conference in November 2016 on the topic of payments, and how they are changing with the advent of the internet of things. The following is a summary of his presentation.

The internet of things (IoT) is changing payments, that is, in the IoT, payments "disappear" behind devices or become invisible. What do credit unions need to do to remain relevant in the IoT? First, it’s important to level set on what exactly IoT is.

IoT is widely misunderstood and has many different definitions. The person credited with coining the phrase, Kevin Ashton, spoke at the Payments Innovation Project earlier in 2016, and provided a thoughtful grounding to understand the concept.
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Posted: Oct 18, 2016
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Author: David Stern

Helpful Insights by Transpay's Manager of Strategy and Partnerships

While consumer confidence in traditional banks have waned, shares and deposits in federally insured credit unions grew past $1 trillion in the fourth quarter of 2015. For more than 100 years credit unions have provided affordable financial services for US consumers, ranging from checking accounts to auto loans.  However, one internalized service that a majority of credit unions still lack is the ability to send payments internationally in a cost-effective manner. The regulatory hassle and limited returns have largely dissuaded credit unions from getting their own SWIFT/BIC code. Instead, credit unions turn to correspondent banks to complete international wire requests.

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