No one knows which mobile payment technology will ultimately win or how long it will take for mass adoption among merchants, but we do know for certain that credit unions find themselves at an inflection point in the payments industry, and they are not alone.

Massive technology companies including Google, ISIS, Paypal, Amazon and Apple, who have little interest in the highly regulated banking industry, recognize being first to enroll mobile wallet customers provides them a marketing platform opportunity that will be far more lucrative than interchange.

These powerful new competitors have created urgency around an organized mobile wallet credit union initiative; even the largest credit unions lack the leverage to succeed alone. Only by working together will credit unions successfully reduce third party control over the infrastructure deployed and in the process reduce costs, increase net new revenue streams, solidify the trusted banking relationship and create a better experience for members.