Tech-forward payment solutions provider TMG (The Members Group) is preparing to roll out Android Pay and Samsung Pay functionality for several of its financial institution clients, and Dupaco Community Credit Union had already taken the plunge.
The two new mPayment options went live yesterday for Dupaco customers, with Apple Pay support having launched back in December of 2014. As Dupaco SVP Todd Link sees it, the additional mPayment support “is likely to help all three products grow in use.” Link also expects that as users increasingly get accustomed to paying for purchases with their smartphones, “we will see growth not only at the point of sale but in other channels, as well.”
For TMG, mPayment support is part of the organization’s value proposition its clients, since it can help smaller community financial institutions to keep pace with larger card issuers with respect to enabling these technologically sophisticated options for their customers. TMG says that right now over three-quarters of its financial institution clients have either enabled Apple Pay or are in the process of doing so, and that over the last year it has seen Apple Pay transactions rise exponentially.
If Link is correct that use of one mPayment app could help to boost the use of others, TMG’s numbers on Apple Pay should be very encouraging to Samsung Pay and Android Pay, especially given the number of banks Apple has already brought into its roster of Apple Pay supporters over the past year or so.
Source: CU Insight