|By Business Wire||
|July 17, 2014 11:48 AM EDT||
CU Wallet, a collaborative credit union owned and directed mobile payments technology provider, today reported record growth, signing 65 credit unions representing more than seven million members since the company’s launch just nine months ago. CU Wallet continues to gain momentum, positioning the provider to make a substantial impact on mobile payments.
“CU Wallet is leading the way for credit unions to be successful in the next chapter of mobile banking,” said Tim Smith, senior vice president and chief financial officer of Workers Credit Union. “This recent milestone further validates the value of collaboration in our industry and moves us closer to the critical mass required to take control of our future as it relates to mobile payments. The time has come to get off the sidelines before others start offering their technology to our members. CU Wallet gives credit unions a competitive advantage, equipping the industry with the necessary tools needed for long-term success.”
CU Wallet is the industry’s first mobile payments initiative designed specifically for credit unions, by credit unions. Since the company’s inception, CU Wallet has forged alliances with the credit union industry’s leading core, online and mobile banking providers, ensuring ease of integration and seamless communication between member-facing channels. CU Wallet credit union members can now easily deploy a mobile payments, mobile wallet product offering to attract a new generation of members, generate new, sustainable streams of revenue, and meet the demands of an increasingly mobile membership.
"Collaboration among credit unions continues to be one of our industry's greatest strengths,” said Keith Sultemeier, president and CEO of Kinecta Federal Credit Union. “The CU Wallet platform makes collaboration easy and efficient, but still allows credit unions to tailor the member experience. I am proud to be a part of this movement, working with my peers to launch a mobile wallet solution that meets the needs of credit unions, and most importantly, better serves our members. Having a singular platform is advantageous to merchants, giving them the opportunity to reach a large pool of consumers through a trusted, secure channel.”
About CU Wallet
Headquartered in Los Angeles, CU Wallet is the industry’s first credit union centric mobile payments initiative. Founded in 2013 by seasoned financial services entrepreneurs, Paul Fiore and Kirk Drake, CU Wallet combines innovative technology and an entrepreneurial spirit with direct credit union ownership, resulting in a highly differentiated mobile payments infrastructure designed for credit unions, by credit unions. The CU Wallet platform helps overcome major industry hurdles to mobile payments adoption, allowing credit unions to better serve current account holders, attract a new generation of tech-dependent members and better compete amongst increased competitive pressure from non-bank mobile payment ventures. For more information about the launch of CU Wallet and the company’s mobile payments platform, visit: www.cuwallet.com.