Credit unions talk a lot about gaining share of wallet. So when Google recently announced its new mobile payment system, branded Google Wallet, this got me thinking about what happens when our member's wallets go virtual? For some, the idea of using your cell phone to check out at the grocery store seems futuristic and downright dangerous. But let me assure you that as a 30 something, and proud owner of a Google Wallet enabled phone, I simply can't wait.
For years, we've heard that mobile payments would be coming down the line. Now that this technology exists and is getting some pretty significant backing, the question becomes why should credit unions jump in now rather than later? Here are three reasons why credit unions need to be closely watching this budding technology.
With interchange down, it's time to think long term.
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