QR codes based mobile payments prove popular through CU Wallet

qr code transactions mobile payments wallet tablet
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Sixty five credit unions have now signed on with the service for quick response code using transactions.

The American mobile payments platform called CU Wallet, which was created with U.S. credit unions in mind – and is owned by cooperative members – has now announced that this QR codes based service has been adopted by 65 credit unions who boast a combined total of over 7 million customers.

The platform will make it possible for credit unions to offer mobile payments services that use quick response codes.

Among the suppliers for the CU Wallet include DoubleBeam, Paydiant, and CheckAlt. According to the Workers Credit Union chief financial officer and senior vice president, Tim Smith, “CU Wallet is leading the way for credit unions to be successful in the next chapter of mobile banking.” Workers is among the many credit unions that have joined on with the platform.

Smith added that “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.”

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Technology Quotes That Invite Thought - "We'd love to see a world where Venmo added support on the blockchain, then a Circle customer could pay a Venmo customer using their QR code or their blockchain address - and go between those instantly and for free." - Jeremy Allaire, CEO of Circle

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The credit union feels that these QR codes for mobile payments will help to propel their offerings forward.

mobile payments wallet tablet qr codesHe explained that the credit union feels that the time has arrived to get into the game and to begin offering the latest technology to their customers. Through CU Wallet, Smith feels that there is a notable advantage for credit unions in boosting their competition, while “equipping the industry with the necessary tools needed for long-term success.”

The CEO of Kinecta Federal Credit Union, Keith Sultemeier also expressed his strong belief in the use of this mobile payments platform through QR codes. He feels that the opportunity to use this service in order to allow credit unions to collaborate among themselves is “one of our industry’s greatest strengths.”

Sultemeier feels that the CU Wallet platform and its use of QR codes to complete smartphone based payment transactions makes it easy and efficient to collaborate with other credit unions, but it still allows each individual credit union to be able to “tailor the member experience”.

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