CashEdge Inc., the leading provider of Intelligent Money Movement™, announced today that more than 100 financial institutions are adding POPmoney™ to their customer offerings. All are preparing to launch the groundbreaking email and mobile person-to-person payments (P2P) service by the end of Q2 2010, demonstrating strong momentum and growing consumer demand for the POPmoney service.
POPmoney is the first email and mobile person-to-person payments service for financial institutions that allows bank customers to send an electronic payment directly from their online or mobile banking service, by simply using the recipient's email address, mobile phone number or bank account information. POPmoney includes support for text messaging, WAP and downloadable mobile applications, enabling financial institutions to extend their P2P functionality to mobile phones.
"We are very excited about the strong interest we are seeing from banks and credit unions in offering POPmoney, and we expect this trend to continue," said Sanjeev Dheer, CEO and President, CashEdge Inc. "In a recent study from Javelin Strategy & Research, Javelin states that they expect to see a significant expansion in the use of mobile P2P services over the next several years, and we believe these market leaders will be able to use POPmoney to gain market share. CashEdge's own study showed that consumers prefer a P2P solution from their bank."
To date, several banks including First Hawaiian Bank and FNBO Direct have launched POPmoney, and thousands of their customers are already using it. Additional financial institutions, including San Francisco-based Bank of the West and credit unions BECU and Patelco will launch the service in coming weeks. Customers of participating banks can access POPmoney through their bank's online banking or at POPmoney.com.
POPmoney leverages the proven reliability, security and robustness of CashEdge's money movement platform, which in 2008 processed nearly $50 billion in online funds transfers for bank customers. For current CashEdge clients, POPmoney is a simple upgrade of their existing TransferNow service.