WASHINGTON MasterCard said this morning during CUNA’s Government Affairs Conference that Lake Trust CU will be one of the first credit unions to test its new digital wallet, MasterPass, as part of a broader roll-out to credit unions.
The $2 billion Lansing, Mich., credit union is launching its pilot of MasterPass through PSCU, but credit union processors CO-OP Financial Services and TMG also announced today they are offering the new online card. The three credit union card processors also joined with Visa in November to offer Visa’s V.me digital wallet service to credit unions.
Like Visa’s V.me, MasterPass is an online service aimed at easing digital shopping. With MasterPass consumers register their payment cards through their credit union’s own branded MasterPass site to store their payment, billing and shipping information in one convenient and secure location.
PSCU will roll out the online wallet functionality this spring. In the initial phase, MasterPass will provide online shoppers a simple check-out process by eliminating the need to enter detailed shipping and card information with every purchase. PSCU’s future implementation phases of MasterPass may allow consumers to go beyond plastic and use an enabled device for in-store purchase transactions.