CU Wallet, a mobile payments platform developed for US credit unions and majority owned by its cooperative members, has been adopted by 65 credit unions with a combined total of more than seven million customers, the company reports.

The platform will enable credit unions to offer QR code-based mobile payments services to members on a white-label basis. Suppliers include Paydiant, DoubleBeam and CheckAlt.

“CU Wallet is leading the way for credit unions to be successful in the next chapter of mobile banking,” says Tim Smith, senior vice president and chief financial officer of Workers Credit Union. “This recent milestone further validates the value of collaboration in our industry and moves us closer to the critical mass required to take control of our future as it relates to mobile payments.

“The time has come to get off the sidelines before others start offering their technology to our members. CU Wallet gives credit unions a competitive advantage, equipping the industry with the necessary tools needed for long-term success.”

“Collaboration among credit unions continues to be one of our industry’s greatest strengths,” adds Keith Sultemeier, president and CEO of Kinecta Federal Credit Union. “The CU Wallet platform makes collaboration easy and efficient, but still allows credit unions to tailor the member experience.

“Having a singular platform is advantageous to merchants, giving them the opportunity to reach a large pool of consumers through a trusted, secure channel.”