Debit and credit cards may not have phased out cash and coins, but CU Wallet might just bumped all of them out of the commerce game once it gains its footing. It is a credit union-owned digital wallet that will enable retail point of sale transactions. With more than 20 credit unions under its belt already, CU Wallet is already gaining a lot of support.
Founded by digital banking pioneer Paul Fiore and Ongoing Operations CEO Kirk Drake, CU Wallet has also teamed up with Massachusetts-based mobile wallet developer Paydiant, which has tools that have work with existing retail infrastructures and cellphones. With no need to buy new hardware to accept and use CU Wallet, its implementation into modern society is even more convenient. CU Wallet also hopes to introduce unique rewards, offers and discounts in the near future.
Key Themes Behind This Trend
- Digital Wallets
- CU Wallet's digital wallet technology has the potential to disrupt the traditional payment industry.
- Mobile Payment
- CU Wallet aims to revolutionize payment through mobile phones, presenting opportunities for fintech companies to partner with credit unions to create similar solutions.
- Mobile Rewards
- With the promise of unique offers and discounts, CU Wallet's introduction of mobile rewards technology could revolutionize the loyalty program industry.
Where This Applies
- Payment Solutions
- CU Wallet's success in creating a credit union-owned digital wallet presents an opportunity for payment solution companies to partner with credit unions to develop new payment tools.
- Fintech
- CU Wallet's partnership with Paydiant highlights opportunities for fintech companies to collaborate with credit unions and develop innovative technologies to streamline payment processes.
- Retail
- CU Wallet's digital wallet technology presents an opportunity for the retail industry to leverage new payment solutions to strengthen customer loyalty and engagement.
