RANCHO CUCAMONGA, Calif. – Just in time for the holiday shopping season, on Tuesday CO-OP Financial Services announced partnerships with both Visa and MasterCard on new payments technology.
CO-OP and Visa are offering Visa Checkout, an online service that allows shoppers to securely store their shipping and payment information without having to re-enter the information when shopping online.
"This Visa product will further extend the range of digital payment technologies credit unions can provide to their members," CO-OP said in a statement.
Visa Checkout has more than a quarter-million participating merchants and 470 financial institution partners globally, and can be used on a smartphone, tablet, laptop or PC.
"Visa Checkout is a simpler, more secure way for credit union members to pay online almost anywhere in the world," said Stan Hollen, president and CEO of CO-OP. "Visa Checkout is another advanced digital product that underscores CO-OP's commitment to helping our credit union clients keep their branded credit cards top of wallet, regardless of what payment services the member may choose."
In June and July 2015, Visa Checkout saw a surge of consumer activity with an average monthly enrollment growth rate of more than 30%. "Given its growth, it is an excellent time for credit unions to take advantage of this opportunity and swiftly move into the digital payments space," said Hollen.
CO-OP said Visa Checkout complements a credit union's complete digital e-commerce strategy, which can include emerging means of payment such as Apple Pay, Android Pay, Samsung Pay and others. Credit unions can reinforce their own brand with their members as Visa Checkout enables them to use their own credit union card, CO-OP said.
MasterPass From MasterCard
CO-OP also unveiled MasterPass, a digital payments platform from MasterCard that the company said gives members another option to use their credit union cards when shopping online or in-app, using any device.
"CO-OP is committed to partnering with credit unions to help them deploy a digital e-commerce solution that fits the needs of their members," said Hollen. "MasterPass is an important piece of a comprehensive digital e-commerce strategy, and complements digital wallets such as Apple Pay, Android Pay, Samsung Pay and others."
Currently accepted in 24 countries and by 250,000 merchants, MasterPass enables consumers to simply and safely make purchases online or in-app with any payment card, CO-OP said.
According to MasterCard, MasterPass speeds up the checkout process without requiring consumers to enter their financial and shipping information at every new merchant site. MasterPass stores payment and shipping information in a single, secure location and lets consumers check out with just a click or a touch of a button – providing an easier way to pay and a more seamless, end-to-end consumer experience.
For more information on Visa Checkout and MasterPass from CO-OP Financial Services, visit
