Remember when you thought tokenization was a low priority for 2014? Chances are, that era ended on September 9. When Apple announced Apple Pay – a mobile payments app that uses near-field communication and tokenization to provide secure, contactless, seamless iPhone and iWatch payments – thousands of credit union executives nationwide immediately wanted to know more.
Since then, we’ve had a moment to process. You can get up to speed – and relatively quickly. Here’s some good news on getting from here to there:
You have time.
Admittedly, you don’t have a lot of time. The first iPhone 6 orders ship this Friday, September 19. But Apple Pay won’t be available until an October software update is released, leaving credit unions a small window. Also, though pre-orders have been impressive, the iPhone 6 will inevitably roll out over time as wireless service contracts run their course. Bottom line: Your deadline is coming, but it certainly hasn’t passed.
You are closer than you think.
Though relatively few credit unions are already using tokenization, this is not a technology that is years away from meaningful deployment. In fact, processes are taking shape and nearly ready to go.
From CO-OP’s perspective, what remains is nailing down the details on important issues such as enrollment processes and financial impact. Because we know that time is of the essence, CO-OP is working to ensure that member credit unions can offer tokenized payments without disruptive technical issues.
You have an opportunity.
There’s an undeniable opportunity in fast-tracking tokenization. Not only can credit unions participate in a ground-breaking, Apple-quality rollout, but they will put themselves in position to promote secure cardless payments across the board.
The high profile that comes with the launch of Apple Pay brings with it the chance to spotlight all of the ways your credit union is keeping pace with technology, offering the latest in security and providing everyday convenience for your members. Apple didn’t create a tokenization crisis for credit unions. It created an opportunity to shine.
Learn more about how credit unions can plug into tokenization and Apple Pay at a live CO-OP webinar on Wednesday, September 24 at 10 a.m. Pacific/1 p.m. Eastern. For information and to register, click here.