DES MOINES, Iowa and RANCHO CUCAMONGA, Calif. (2/27/13)--The Members Group (TMG) and CO-OP Financial Services announced the companies will offer their members MasterPass, a digital service introduced Monday by MasterCard.
"Credit unions are looking for trusted partners to capitalize on opportunities, such as the future of digital payments," said Shazia Manus, CEO of TMG. "Together, our companies will be a single point of entry to the most innovative, tailored, cost-effective products and services as they prepare for next-generation banking."
The service allows consumers to use any payment card or enabled device to make a purchase and enhances the shopping experience online, in-store or on any device, said the companies. They also announced TMG Financial Services, a third-party credit-card agent issuer and sister company to TMG, has committed to offering the digital wallet to its more than 65,000 cardholders.
According to MasterCard, the MasterPass suite of services will:
Provide merchants with a consistent way to accept electronic payments, regardless of where the consumer may be;
Allow banks, merchants and partners to offer their own digital wallets; and
Enrich the shopping experience for consumers before, during and after checkout.
Since forming a strategic partnership in January 2012, CO-OP Financial Services and TMG have offered credit and debit card processing products and other payment solutions to the credit union industry.
"This is a very exciting time in the payments industry, and the introduction of MasterPass will contribute to simplifying digital shopping," said Stan Hollen, president/CEO of CO-OP Financial Services. "We formed our partnership with TMG to offer the best processing platform for each client's unique needs, and our mutual partner, MasterCard, has introduced an important addition."
MasterPass joins several other digital payment solutions the companies are bringing to the credit union marketplace. For credit unions, the solutions increase top-of-wallet potential; for members they create multiple ways to transact, yet with a consistent experience across all channels, said CO-OP and TMG.