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CU Is First To Implement MasterCard Digital Wallet

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ST. PETERSBURG, Fla. (4/19/13)--Lake Trust CU, a member-owner of credit union service organization PSCU, is the first U.S. credit union to deploy MasterCard's MasterPass digital wallet service, PSCU announced.

PSCU's initial implementation of MasterPass provides online shoppers with a simple check-out process by eliminating the need to enter detailed shipping and card information with every purchase. In addition to MasterCard cards, consumers can use other branded credit, debit and prepaid cards.

"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," said Michael J. Kelly, president/CEO of St. Petersburg, Fla.-based PSCU. "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."

Members of Lansing, Mich.-based Lake Trust CU can register their payment cards, store their payment, billing and shipping information and set their security credentials and preferences through the credit union's own branded MasterPass site. Once registered, members can select MasterPass as their payment method at participating merchants and speed through checkout.

"Payment methods and channels are evolving at an incredibly rapid pace," said David Snodgrass, Lake Trust CU president/CEO. "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."