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Posted: Apr 27, 2016
Comments: 2
Author: Lou Grilli

A common counter argument to the move toward mobile payments is that credit cards are not broken, and that swiping or inserting a credit card works perfectly fine. And those people would be right. Credit cards are not going away anytime soon.  However, subtly and surely, the plastic cards we most closely associate with payments are disappearing. Heck, there is much written about that currency will be a thing of the past in the not so distant future.  Yes, we do carry less cash than we used to, but there still are times we need to have some “real” money in hand.

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Posted: Apr 19, 2016
Comments: 0
Author: Paul Castner

Bon voyage! The CSCU Solutions Conference 2016 (SC16) sets sail at Disney’s Yacht & Beach Club in Orlando.  With more than 300 attendees, 30 breakout sessions, 3 keynote speakers, and the partners’ solutions showcase, SC16 is shaping up to be the biggest and best CSCU conference to date for credit unions. Importantly, SC16 is an industry leading educational event that will deliver timely and relevant thought leadership insights and information to help credit unions navigate through the many changes going on in the world of payments.

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Posted: Mar 29, 2016
Comments: 0
Author: Lou Grilli

Loyalty programs are undergoing changes on all fronts. American Express announced a new mobile app that will allow membership rewards to be used at the POS, presumably at a devalued exchange rate. Starbucks changed their long-standing rewards program by issuing “stars” based on dollar spend, rather than the number of transactions, causing some consternation among Frappuccino and Oprah Chai aficionados. The way credit and debit card issuers who offer loyalty programs view rewards is also coming under scrutiny.

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Posted: Feb 23, 2016
Comments: 0
Author: Tom Davis

Wouldn’t it be nice to say goodbye to plastics.  Imagine your cardholder loses your card while away on a business trip. Imagine your cardholder getting that dreaded phone call or text alert notifying them that their debit or credit card number has been compromised and the card has been shut down. These are tough realities, right?

 

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Posted: Feb 19, 2016
Comments: 0
Author: Lou Grilli

10 Steps Credit Unions Should Take To Keep Member Data Safe

Taken at face value, mobile payments are considered more secure than credit cards, even more secure than EMV chip cards. Unlike chip cards, the payment credentials stored on the phone or watch are tokenized, whereas the chip card has the actual card number on the chip. Also, the phone requires an additional authentication (a fingerprint or a passcode) which the card does not require. This is the current case with Apple/Samsung/Android Pay. But there are other forms of payments both in the market and in start-ups whose focus is not on security. These start-ups are working on merchant-specific payment and loyalty apps, on-demand service apps, pay-at-the-table apps, and the vulnerability of these new forms of payments are driving increased security concerns.

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