LANSING, Mich. Lake Trust CU is the first credit union in the U.S. to deploy MasterCard’s MasterPass digital wallet service.
The $1.6 billion credit union has been participating in a MasterPass pilot through cards processor PSCU since late February. Credit union processors CO-OP Financial Services and TMG are also 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.
Lake Trust’s implementation of MasterPass provides online shoppers with a simple check-out process by eliminating the need to enter detailed shipping and card information with every purchase. In addition to MasterCard cards, consumers can use other branded credit, debit and prepaid cards.
Lake Trust’s members can register their payment cards, store their payment, billing and shipping information and set their security credentials and preferences through the credit union’s own branded MasterPass site. Once registered, members can select MasterPass as their payment method at participating merchants and speed through checkout.
“Payment methods and channels are evolving at an incredibly rapid pace,” said David Snodgrass, president of Lake Trust CU. “Secure and simple payment technology like MasterPass gives our members greater opportunities for transactional convenience. We want our members to know Lake Trust is committed to continual innovation in financial services that can enrich their lives.”
