Lake Trust Credit Union first in U.S. to launch MasterCard MasterPass digital wallet

Lake Trust Credit UnionPSCU, which is owned by nearly 700 member credit unions, announced on Wednesday that Lake Trust Credit Union will be the first credit union in America to launch MasterCard’s MasterPass digital wallet after piloting the service.

“We are delighted that Lake Trust Credit Union has embraced this new payments technology and moved rapidly forward to live production with their own branded MasterPass site,” Michael J. Kelly, the president and CEO of PSCU, said. “PSCU Member-Owners like Lake Trust are forging into exciting new territory to more deeply engage members with services that truly simplify their lives and add value to their credit union relationship. MasterPass is a prime example of how credit unions can quite easily and quickly enhance their standing as the preferred financial service provider in their communities.”

Lake Trust customers will be able to register their payment cards and set payment preferences, as well as store payment, billing and shipping information, through the credit union’s own MasterPass portal.

“Payment methods and channels are evolving at an incredibly rapid pace,” David Snodgrass, the president and CEO of Lake Trust Credit Union, said. “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.”

Lake Trust has been piloting MasterPass since late February, when PSCU announced its partnership with MasterCard MasterPass.

“Consumers are seeking commerce solutions that are simple, secure and smart,” Ken Moy, the group head of MasterCard’s North American emerging payments division, said. “Early on, PSCU recognized that MasterPass would be a valuable service for their more than 1,500 financial institution customers and saw the benefit to quickly making it available. Working with MasterCard and PSCU, Lake Trust Credit Union implemented the pilot to production process in just six weeks, and members will soon be able to use MasterPass for their day-to-day payment needs.”

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