CashEdge Inc., the leading provider of Intelligent Money Movement® services, today announced an expansion of its Popmoney® payments service with the launch of Popmoney for Prepaid.
This innovative capability will provide prepaid card users with the ability to reload their cards online, and the ability to easily request money from, or send money to, other people via email or text. Popmoney for Prepaid is available to prepaid card issuers, processors and program managers.
In conjunction with this announcement, CashEdge and TxVia, Inc., a leader in processing technology for prepaid and emerging payments, announced an agreement to integrate Popmoney for Prepaid with TxVia's prepaid card processing platform. Through the agreement, TxVia's program manager and issuer clients will be able to offer their prepaid cardholders the ability to reload funds electronically onto an existing prepaid card using the Popmoney service. Cardholders will also be able to send funds requests and receive funds from others using Popmoney. TxVia is expected to make the service available in summer 2011 and three of its clients have agreed to offer this service.
Popmoney is the leading email and mobile person-to-person payments service, which allows bank customers to send money from their online or mobile banking, using a recipient's email, mobile number or bank account information. The service provides support for text messaging, WAP and downloadable mobile applications. Popmoney is currently live at more than 200 financial institutions.
"Until now, there has not been a convenient solution in the market for online reload of prepaid cards. Nor has their been a solution for requesting payments and loads from others outside of a particular prepaid program," said Neil Platt, Senior Vice President & General Manager, Banking & Payments, CashEdge Inc. "By introducing Popmoney for Prepaid, and partnering with prepaid card industry leaders like TxVia, we are providing millions of additional consumers with access to the convenience and security of the Popmoney service, and generating new revenue opportunities for prepaid networks and program managers."
"Prepaid cards re represent one of the fastest growing segments of card-based payments and hold tremendous potential to continue to transform payments from inefficient, paper-based methods to electronic systems," said Christopher Petersen, Senior Vice President, Accounts & Business Development. "Our alliance with CashEdge will help us build our leadership in this category, by providing our clients with access to Popmoney."
Popmoney is built upon the proven reliability and security of CashEdge's money movement platform, which in 2010 processed over $64 billion in online funds transfers for bank customers. For current CashEdge clients, Popmoney is a simple upgrade of their existing TransferNow service.