CashEdge Inc., which provides mobile and online person-to-person payments, says it expects more than 100 financial institutions to add its POPmoney P2P payments services by the end of the second quarter of 2010.
According to a news release from CashEdge, more than 100 FIs are already working with CashEdge to prepare for the launch of POPmoney's e-mail and mobile P2P service.
CashEdge says POPmoney is the first e-mail and mobile P2P payments service for FIs that allows bank users to send e-payments directly from their online or mobile banking accounts. To send the funds, the user enters the recipient's e-mail address, mobile phone number or bank-account information. POPmoney also includes support for text messaging, WAP and downloadable mobile applications. "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 of CashEdge. "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."
First Hawaiian Bank and FNBO Direct have already launched POPmoney, and thousands of their customers are using it, CasheEdge says. San Francisco-based Bank of the West and credit unions BECU and Patelco are expected to launch the service within coming weeks.
