One of the country’s largest credit unions recently invested in and selected CU Wallet—the payments industry’s first credit union-focused mobile payments initiative—as its mobile payments and wallet provider.
Security Service Federal Credit Union (SSFCU), headquartered in San Antonio, Texas, is one of the 10 largest credit unions in the U.S. and the largest in Texas, Colorado and Utah.
Mobile financial services are a top priority for the credit union, which cited the wallet’s business model and ability to attract millennial customers in signing the agreement with CU Wallet.
“There’s no question, mobile is the future,” Jim Laffoon, the president and CEO of SSFCU, said. “In fact, for the last six months, we’ve experienced a minimum of 8 to 12 percent growth per month in each of our mobile channels. Partnering with CU Wallet ensures we are able to continue to meet members’ mobile demands through a SSFCU branded mobile wallet.”
CU Wallet has more than 70 credit union members representing more than nine million customers nationwide. The company is headquartered in Los Angeles, Calif., and was founded in 2013 by Paul Fiore and Kirk Drake.