100 Banks to Launch Person-to-Person Payments by Q2

P2P payment provider CashEdge says Bank of the West and credit unions BECU and Patelco will launch the service in coming weeks.

CashEdge announced today that more than 100 financial institutions are adding person-to-person payment services to their customer offerings by the end of the second quarter of 2010.

CashEdge's POPmoney payment service allows consumers to send email and mobile P2P payments directly from their bank account to friends, family members, and others, using only an email address or a cell phone number. It supports text messaging, WAP and downloadable mobile applications.

To date, several banks including First Hawaiian Bank and FNBO Direct have launched POPmoney. 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. For current CashEdge clients, POPmoney is an upgrade of their existing TransferNow service.