Silicon Valley-based Technology Credit Union today announced that it will be the first financial institution in the country to enable real-time, person-to-person payments from its ATMs to almost anyone in the world with a mobile phone or e-mail address, using a new payments service from NCR and PayPal.
Tech CU plans to officially launch the service in early 2012.
"We're thrilled that Technology Credit Union is extending our peer-to-peer payment expertise to the ATM machine," said Dan Schatt, the general manager of Financial Innovations for PayPal. "With just a mobile phone number and a few taps on a Tech CU NCR SelfServ ATM, Tech CU customers will be able to make P2P money transfers quickly, easily and securely to anyone's PayPal account."
A credit union member will enter the recipient's contact information after signing-in on the ATM, choose an amount to transfer, and the money will then be immediately credited to the recipient's PayPal account. If the receiver does not have a PayPal account, he or she will need to create a PayPal account in order to receive the funds.
"ATMs, mobile phones and online banking are increasingly becoming the main channels our members use for their banking," said Tech CU President and CEO Barbara Kamm. "And we believe this innovative payment solution will spur more financial interactions through those channels. We plan to have this capability on all of our electronic platforms by early next year so that our members can choose the payment or transfer option that's most convenient for them."
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