Credit Unions Could Win Younger Members Through Payments

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That’s the opportunity outlined in “Digital Currency at the Credit Union: The Gap Between Interest and Access,” a May PYMNTS Intelligence report produced in collaboration with Velera. Digital currency interest remains concentrated among younger consumers. Its third key finding identifies a practical way to encourage that interest: present cryptocurrency and stablecoins through digital wallets. A familiar wallet can work like a familiar dashboard in a new car, making an unfamiliar experience easier to navigate. For credit unions, the findings suggest that how members access digital assets deserves attention alongside which assets they offer.

Three findings illustrate the opportunity:

• Wallets more than double strong stablecoin interest among credit union members. Some 12% are very or extremely interested in storing and using stablecoins through a digital wallet, compared with 5% interested in direct stablecoin payments. That’s a difference of 7 percentage points using the report’s rounded figures. Stablecoins are digital currencies designed to maintain a stable value against a reference currency such as the dollar. The report suggests a familiar wallet may reduce the uncertainty consumers feel about an unfamiliar asset.
• Credit union members also show stronger enthusiasm for cryptocurrency when wallets are involved. Strong interest reaches 10.7% for cryptocurrency payments through a digital wallet, compared with 6.8% for direct cryptocurrency payments. The finding gives credit unions a reason to consider the member experience when assessing digital asset services. It doesn’t establish that interested members will use those services, but it identifies an approach worth evaluating.
• Millennials are a particularly receptive audience. Across the surveyed population, strong interest in cryptocurrency payments reaches 35% when a digital wallet is involved, compared with 31% for direct payments. Strong interest in stablecoin payments also rises, from 28.4% to 32%. These results describe millennials overall, rather than only credit union members, and suggest an opportunity for institutions seeking to serve younger consumers.

The broader findings support a measured approach. About 67% of credit union members don’t know whether their institution supports cryptocurrency, while 70% are unsure about stablecoins. Most members still express little or no interest in using either through wallets. Credit unions don’t need to assume widespread demand to respond constructively. The report points to wallet infrastructure, potentially through a FinTech partnership, as a practical investment that could serve interested members while keeping the commitment proportionate to demand.

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