Your list of issues for consideration in strategic discussion is probably long. It might include declining non-interest income, potential margin squeeze as market interest rates rise and liabilities reprice faster than assets, mining loan demand from aging members and attracting younger members to fuel future growth. It's time to add another item to the list—a disruptive force that's coming to the payments arena. Will Your Next Credit Card be a Phone? In case you haven’t heard, Apple introduced its latest iPhone in mid-September. The new devices, which come in regular and super-sized versions, reportedly have a faster processor, longer battery life, a better camera and visual display. But forget about all of that, because you need to know about a game-changing mobile wallet called “Apple Pay.” Think Apple Pay isn't a big deal? Think about how many of your members (and their children) have an iPhone. How many people actually have a camera that is NOT a part of their phone? Find someone from Kodak and ask about digital photography or a Blockbuster employee who still thinks streaming video is not a threat. But Apple Pay isn't the only game in Payments Town. There's also EMV (Euro MasterCard VISA), the little chips that are going to replace magnetic stripes on all forms of plastic cards, saving us from “card present” transaction fraud. For “card not present”—like those late night purchases from Amazon and Zappos—tokenization promises to foil fraudsters.