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"If people don't get on board with Apple Pay yesterday, they are going to lose members to other financial institutions who are not afraid to embrace the new technology," Business Technology expert, Ron Galloway, told Synergent in a recent interview on Apple Pay that is part of a special Pro Tips Video Synergent recently produced and distributed to credit unions.
Rebekah Higgins, VP of Card Services, also spoke on the video. "The concept of 'Top of Wallet' is tricky with mobile wallets — You must be the card defaulted in the system because the user is not likely to change the card once the default is set. Therefore, the strategy for credit unions needs to begin at the account opening to make sure that their card gets loaded in there. I think at some point we are going to see plastics not be the primary method of payment so now is the time to get on board this new technology," she explained.
Galloway added, "It doesn't pay to wait with Apple Pay. The technology is here and consumers are adopting it. Credit unions have an advantage over larger banks because they can have a conversation with members about mobile payments, versus relying only on printed materials and other non-personal communication methods to encourage adoption."
Synergent is focused on helping credit unions understand the new technology and future developments in the mobile payments industry. "Synergent is looking to the future — which mobile wallets will come next. Apple Pay was not the first and it won't be the last," noted Higgins.
To view the Synergent Pro Tips Video on Apple Pay, click on the link below: