Lower interchange fees are a big incentive in a pilot program the $414 million, Saginaw, Mich.-based Team One Credit Union, launched with Newark, Calif.-based MShift, Inc.'s AnywhereMobile mobile payment network.

According to Team One and MShift, AnywhereMobile's interchange fees are significantly lower than those tied to the plastic card networks on which Apple Pay and Google Wallet depend, and AnyWhereMobile enables merchants to provide Team One members with loyalty incentives and rewards for using the service. AnywhereMobile's approach to mobile payments allows Team One to continue earning good interchange income, and at the same time provides a mobile payment service that benefits the credit union's members and merchants in its community.

After they register for AnywhereMobile through the Team One mobile banking app, members can securely make purchases at participating merchants and send real-time, person-to-person (P2P) payments to anyone via their mobile phone number or email address. MShift's roadmap for AnyWhereMobile includes adding the ability to make online and in-app purchases as well as support for NFC and fingerprint recognition.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).