CO-OP Financial Services is supporting two Day 1 issuers – BECU and First Tech Federal Credit Union – in MasterCard’s payments services for the Garmin and Fitbit wearable devices, announced in the last week in August.
“Wearable fitness trackers and smartwatches are popular with many different segments of today’s digitally engaged consumer,” said Todd Clark, CO-OP President/CEO. “And the market is ready for the next iteration of these devices, which are ultimately about making our lives easier. Consumers are eager to use their wearables in new ways, and secure, on-the-go payments are one of the most compelling, particularly for the young and active cardholder segment served by MasterCard, CO-OP and the credit unions we collectively support.”
“Introducing more convenient ways for our members to make payments aligns perfectly with our member-first focus,” said Doug Marshall, Senior Vice President, Retail, BECU. “As a MasterCard client through CO-OP Financial Services, we’re able to enroll our members in these new wearables immediately, keeping in step with how our members want to and expect to make payments.”
“Our member base is made up of some of the world’s most forward-looking companies, which makes technology and innovation part of First Tech’s DNA,” said Brad Calhoun, Chief Marketing & Retail Officer of First Tech Federal Credit Union. “We are excited to be part of MasterCard’s Garmin and Fitbit pilots to explore new offerings for our members and find ways to make their banking experiences more seamless.”
Cark says keeping pace with emerging digital technologies is critical for growth-minded credit unions. He stated further:
“Attracting digital consumers to credit union membership hinges on the movement’s ability to hustle into a first-mover stance. As consumers across the country unbox their shiny new wearables from FitBit, Garmin and other fan-favorite tech brands, credit unions need to be right there saying, ‘Yes, we support that.’
“More than 100 million consumers have already chosen to join a credit union, largely because of the relationships and trust these cooperatives have built with their members. As digital banking and payments tools explode on the scene, many of these members will look to their credit unions for leadership on which are safe to use.
“The credit unions that partner with us expect CO-OP to assume an aggressive, early adopter position on their behalf. Partnerships with forward-leaning innovators like MasterCard – not to mention clients like BECU and First Tech Federal Credit Union – allow us to do exactly that. We will continue to leverage these partnerships, as well as our vast scale and credit union-first commitment, to deliver the seamless, secure tools credit union members need to pay with confidence where ever and from whichever device they choose.”