RANCHO CUCAMONGA, Calif.– CO-OP Financial Services reported it partnering with Visa to offer Visa Checkout, while also joining with MasterCard to offer Masterpass. Both solutions are aimed at making the payments process more secure and faster.
Visa Checkout is an online service that allows shoppers to securely store their shipping and payment information without ever having to re-enter the information when shopping online. This Visa product will further extend the range of digital payment technologies credit unions can provide to their members, CO-OP said.
With more than a quarter-million participating merchants and 470 financial institution partners globally, Visa Checkout allows consumers to checkout using most major debit or credit cards to make purchases quickly and easily from their smartphone, tablet, laptop or PC, according to CO-OP.
“Visa Checkout is a simpler, more secure way for credit union members to pay online almost anywhere in the world,” said Stan Hollen, president/CEO of CO-OP. “Visa Checkout is another advanced digital product that underscores CO-OP’s commitment to helping our credit union clients keep their branded credit cards top of wallet, regardless of what payment services the member may choose.”
In June and July 2015, Visa Checkout saw a surge of consumer activity with an average monthly enrollment growth rate of more than 30%. “Given its growth, it’s an excellent time for credit unions to take advantage of this opportunity and swiftly move into the digital payments space,” said Hollen.
CO-OP noted that Visa Checkout also complements a credit union’s complete digital e-commerce strategy, which can include emerging means of payment such as Apple Pay, Android Pay, Samsung Pay and others. Credit unions can also reinforce their own brand with their members as Visa Checkout enables them to use their own credit union card.
In addition, CO-OP Financial Services also announced it is now offering credit unions MasterPass, a digital payments platform from MasterCard that gives members another option to use their credit union cards when shopping online or in-app, using any device.
“CO-OP is committed to partnering with credit unions to help them deploy a digital e-commerce solution that fits the needs of their members,” said Stan Hollen, president/CEO of CO-OP. “MasterPass is an important piece of a comprehensive digital e-commerce strategy, and complements digital wallets such as Apple Pay, Android Pay, Samsung Pay and others.”
Currently accepted in 24 countries and by 250,000 merchants, MasterPass enables consumers to simply and safely make purchases online or in-app with any payment card.
MasterPass speeds up the checkout process without requiring consumers to enter their financial and shipping information at every new merchant site. In addition, CO-OP said MasterPass also provides credit unions with a top-level payment card service that:
- Gives merchants a consistent way to accept electronic payments regardless of where the consumer may be.
- Enriches the shopping experience for consumers before, during and after checkout.
- Enhances security.