June 24, 2009
CashEdge Launches Popmoney P2P payments service for banks
US money movement services company CashEdge has launched Popmoney, a person-to-person payments (P2P) service which enables financial services providers to offer P2P payments directly from their online or mobile banking applications.
Popmoney allows bank customers to "Pay Other People" (POP) directly from within a bank's online or mobile application. Popmoney provides bank customers with the ability to carry out electronic payments from their online banking accounts using the email address or mobile phone number of the recipient. The service includes an SMS text messaging application, as well as downloadable mobile applications, thus enabling banks to extend their P2P functionality to mobile phones.
Prior to the launch of the new P2P payments service, CashEdge made public the results of a survey of nearly 1,000 consumers which highlighted a series of findings with regard to P2P payments. The research revealed that 81 percent of respondents would use a P2P service if offered by their financial institution, while 77 percent of interviewees indicated that would prefer to use a P2P service offered by their own financial institution over an independent online P2P service.
Also, 73 percent of respondents felt that a P2P service offered through their bank would be more secure than an independent P2P service, while 69 percent of respondents would see a P2P service offered through their bank as more convenient than an independent P2P service.
CashEdge's products suite also includes OpenNow/FundNow for new account opening, TransferNow for Consumers, which includes Me-to-Me Transfers and Third Party Transfers and TransferNow for Small Businesses, which includes Invoicing and Payments, Me-to-Me Transfers, Employee Payments and Vendor Payments.