CU Wallet, a mobile payments tech provider, has received an investment from one of the largest credit unions in the country, Security Service Federal Credit Union in San Antonio.
Terms of the investment were not disclosed.
CU Wallet lets financial institutions incorporate its mobile wallet platform into their existing banking apps. The Pasadena firm caters specifically to credit unions and said it currently has more than 70 credit union members.
“Our members have made it clear they want us to continue to develop relevant mobile functionality that keeps pace with their on-the-go digital lifestyles,” the credit union’s chief executive, Jim Laffoon, said in a statement. “Mobile payments and mobile wallets are clearly the next phase in this life cycle.”
Paying by mobile isn’t new. But it has yet to catch on as a primary form of payment for consumers. Thirty percent of U.S. retailers currently accept some form of mobile payments.
The tech industry, though, is already anticipating that number to grow. Apple on Tuesday unveiled a deep lineup of partnering retailers, banks and credit card companies for its mobile payment service Apple Pay, which lets iPhone owners use their devices to make tap-and-go purchases.