PSCU Adds Masterpass by Mastercard and Microsoft Wallet to Owner Credit Unions‘ Digital Wallet Options
St. Petersburg, Fla. – (August 3, 2016) – PSCU, the nation’s leading credit union service organization, announced today that it is expanding its digital wallet offerings to include Masterpass by Mastercard and Microsoft Wallet. The CUSO plans to make the digital wallets available to its Owner credit unions at the end of August 2016.
“As more members adopt the new generation of digital wallets, our Owner credit unions need the flexibility to offer a wide range of digital payment options to their members,” said Denise Stevens, SVP of Product Delivery for PSCU. “The availability of Masterpass and Microsoft Wallet enables our Owners to offer a digital wallet to meet virtually any member requirement for device compatibility, convenience and security.”
Masterpass simplifies the checkout process across all of a member’s purchases online, in-app, and in-store with one secure account. Members simply register online and load their credit union’s Mastercard credit or debit card. Members can store their cards and shipping information to make it easier to shop online, in-app, and at over a million store locations.
The digital wallet includes multi-tiered security to help keep members’ information private when they shop at thousands of online merchants and over a million store locations. When members pay in stores using the Masterpass Android™ app, a unique number is shared with the merchant instead of their actual card details which helps keep their information protected.
PSCU said its Owner credit unions that have executed Mastercard Digital Enablement Service agreements through the CUSO will be automatically enrolled in the Masterpass digital wallet unless they choose to opt out of Masterpass participation by September 1, 2016.
The CUSO will also offer its Owners access to Microsoft Wallet, a new, cloud-based mobile payments service that provides an easy and more secure way to pay. Members in the U.S. with phones running Windows 10 – including the Lumia 650, 950 and 950 XL – can now tap to pay for purchases at over a million retail locations, wherever they see the contactless NFC payment symbol or the Microsoft Wallet logo at the point of sale.
Microsoft Wallet supports credit union credit and debit cards from Mastercard and Visa. Members can store as many credit and debit cards as they want in their Microsoft Wallet so they can use the card of their choice to easily make purchases with their phone. With Microsoft Wallet, retailers never receive a member’s credit or debit card numbers during a transaction. Instead, when a member taps to pay, the retailer receives a single-use transaction number and an encrypted security code that is unique to that purchase and won’t work for any other purchase, person or device. This, plus requiring the device PIN to make a purchase, make using the Microsoft Wallet more secure than using an actual card alone, reducing the risk of fraud.
Masterpass and Microsoft Wallet complement the other digital wallets that PSCU offers, which include Apple Pay, Android Pay and Samsung Pay. Nearly 200 PSCU Owners are currently live with Apple Pay; 123 with Android Pay; and 124 with Samsung Pay.
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation's leading credit union service organization (CUSO) and was awarded CUSO of the Year recognition by NACUSO. The cooperative is owned by over 800 member credit unions representing more than 18.9 million credit, debit, prepaid, online bill payment and mobile accounts. Comprehensive 24/7/365 member support is delivered through contact centers located throughout the United States. For more information, visit www.pscu.com.