POPmoney processed nearly $50 billion in online funds transfers for bank customers in 2008
CashEdge, the provider of Intelligent Money Movement services to financial institutions for their retail and small business banking customers, has said that four financial institutions are adding its POPmoney, an email and mobile person-to-person payments (P2P) service, to their customer offerings. All are expected to be live with the new service by the end of 2009.
Reportedly, POPmoney, which was launched in June 2009, allows bank customers to send an electronic payment, from within the online or mobile banking site, by simply using the email address or mobile phone number of the recipient. Likewise, the recipients of the payment can receive the funds directly into their bank account. POPmoney includes an SMS text messaging application, as well as downloadable mobile applications, enabling banks to extend their P2P functionality to mobile phones.
Sanjeev Dheer, CEO and president, CashEdge, said: “We are very excited about the strong interest we are seeing from the banks in offering POPmoney. We believe that this interest is a function of the growing market demand for email and mobile payments as well as the strong belief among banks that such a service should be part of the customer’s existing online or mobile banking relationship. There is no question in our mind that this bank-centric P2P model is the way of the future.”