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Posted: May 31, 2016
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Author: Bill Lehman

There was a time when a bank or credit union did not talk about fraud to their cardholders. They did not want to give the impression that their financial institution might be susceptible. The only mention was when describing the benefits of using the Visa or MasterCard brand which carries zero liability to the cardholder in case of fraud. But those days of silence on the subject are long in the past. Consumers are leery of identity theft, have started to look closely at their statements and, have learned the need to keep their social security numbers private.

 


 

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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 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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Posted: Apr 28, 2016
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Author: Paul Castner

With the dust settling a bit from CSCU’s Solutions Conference 2016, several overarching themes were front and center throughout the conference.  However, none were in the spotlight as much as the presentations and dialog regarding the need for credit unions to up their games when it comes to creating and deploying digital payments strategies.

During a key breakout session jointly hosted by CSCU’s Tom Davis, Senior VP Finance and Technology and Lou Grilli, Director of Payments Strategy, the main message for credit unions was to think of credit cards in terms of “top of phone” rather than the traditional “top of wallet.” Today, credit union members are already paying for goods and services using digital and mobile wallets.  If a credit union’s card is not enabled in these wallets, then members are using some other financial institution’s card. Grilli cites industry statistics to prove the magnitude of the opportunity including the fact that 3.5 percent of eligible purchase transactions are already made using Apple Pay.  More than 70 financial institutions in the U.S. now support Samsung Pay with that number increasing almost daily.  And, there are currently 11 million Visa Checkout users with 1.5 million new Android devices added each month.

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Posted: Apr 19, 2016
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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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