The concept of cash substitutes is certainly not new, but the pace of development and acceptance of new payment systems has increased exponentially. As the willingness to trust different stores of value has increased, so has the ire of retailers who believe they are paying too much in interchange fess to the traditional credit card network systems.
While credit unions earn significant income from credit and debit interchange, what better opportunity to be on the forefront of change than to help develop and control the next major step in payment alternatives?
Imagine going to the register to purchase something at a retailer. Instead of pulling out your wallet, you grab your smartphone (Blackberry or similar device). Within an application on your phone you enter the retailer ID number posted above the register and the amount of your purchase, and instantly a barcode is displayed on your phone, which is then scanned by the retailer to complete your purchase. Your personal information would never be shared with the retailer, and there is no credit or debit number to be compromised.
Check back as this new idea continues to be developed!
Contact us to learn more about this idea from Filene i3.