Challenge 2025

The Digitalization of the Global Credit Union System

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A New Decade, A New Goal

In 2014, World Council of Credit Unions set a goal of reaching 260 million credit union members worldwide by 2020.

Through a concentrated worldwide effort, credit unions were able to reach our "Vision 2020" goal by 2017. But that growth was not even across all countries or among all credit unions. The credit unions that grew were those that offered core services via online and mobile channels. That is why we are now addressing how we increase membership going forward—through the digitalization of the global credit union system by 2025.

Measuring Global Digitalization

World Council will measure the digitalization of credit unions in four key areas for Challenge 2025.

Digital Channels

Offering members core digital transaction services such as online and mobile banking, online payments and online loan processing.

Shared Platforms

Connecting your credit union to a shared payments system that allows for mobile payments and integrated with a national payments system.

Risk Management

Implementation of a cybersecurity system that complies with national regulations to protect members' identity and consumer data from digital attacks and intrusions.

Data Analytics

Employing data analytics to determine additional service offerings to members, and helping to identify those that need financial literacy or counseling services.

 

Follow Our Progress, Tell Us About Yours

Track the latest developments in digitization by subscribing to our Challenge 2025 Blog. You can also send us updates on how your credit union or credit union system is striving to help us meet Challenge 2025 at communications@woccu.org. 

CUPAY: A Ground-Breaking Program Providing Payment Acceptance Solutions to Canada's Credit Union Business Members

2024-12-20

Canada now has its first merchant services' solution built by and for credit unions.

CUPAY Merchant Services™ offers a complete suite of payment acceptance solutions for businesses of all sizes, including in-store POS, mobile and in-app payments, eCommerce gateways, BNPL plug-ins and unattended payment options.

Developed by League Savings and Mortgage (LSM), a subsidiary of Atlantic Central, the trade association for member credit unions in Atlantic Canada, and Payments+Partnerships, CUPAY specifically allows credit union business members to:

  • Get advanced hardware for in person, in store or on the go payments.
  • Accept payments instantly with a virtual terminal, integrating their existing customer database.
  • Integrate the service with hundreds of software and eCommerce gateways with effortless access to a variety of tools and features.
  • Access in-app checkout that drives growth, removing payment barriers and boosting conversions.
  • Accept all payment methods, including credit, debit, digital wallets and ‘buy now, pay later’ options.

“CUPAY is set to significantly enhance how credit unions interact with their business members, providing valuable insights and capabilities that will elevate their service standards,” said Eva Sergnese, CUPAY's General Manager. “It represents a pivotal step forward in merchant services, marking a new chapter of excellence for credit unions.”

CUPAY’s approach moves beyond traditional referral arrangements with big banks and U.S.-based entities, creating meaningful partnerships with credit unions to deliver real value.

Created to address the gaps in merchant services for credit unions and their business members, CUPAY stands out with transparent pricing, personalized support and ongoing updates.

Their mission is to empower credit unions to confidently offer high-quality merchant services that truly meet their members’ needs, with personalized support through 1-on-1 assistance that forges lasting partnerships for seamless integration and dedicated support.

You can find out more information about CUPAY by clicking here.

This post combines information from two different articles featured on the website of the Canadian Credit Union Assocation (CCUA), World Council of Credit Unions' direct member organization in Canada.