Popmoney
![]() | |
Type of business | Division of Fiserv |
---|---|
Type of site | Online payment system |
Headquarters | New York, NY |
Founder(s) |
|
URL | www |
Popmoney is a person-to-person payments service (P2P) developed by CashEdge (now part of Fiserv) and launched in December 2010.[1] The service enables individuals to send and receive payments electronically in a manner that is designed to displace traditional check payments.
The name "Popmoney" is an acronym for "pay other people money".
Function
Popmoney differs from other person-to-person payment services in the manner that transactions take place. Popmoney transactions execute from the sender's checking account to the receiver's checking account directly; there is no requirement for a stored-value account for either participant.[2]
Transactions executed through popmoney.com cost $0.95. Generally, transactions take 1–3 days, but in April 2013 real-time payments were enabled in certain circumstances.[3]
Integration with Zashpay
Fiserv's acquisition of CashEdge necessitated integration between Fiserv's Zashpay P2P service and Popmoney. Prior to acquisition Zashpay had more than 1,400 financial institutions signed up. Popmoney retained fewer financial institutions, but those that it did were significantly larger.[4][5]
Bank integrations
Popmoney has enabled single sign-on capability with over 1,400 financial institutions. As of 2012, the largest institutions are Citibank,[6] U.S. Bank, PNC Bank, TD Bank, N.A., Regions Bank, Fifth Third Bank, Ally Bank (formerly GMAC Financial), and BBVA Compass.[7] Others include First National Bank of Pennsylvania[8] and the 455 bank clients Popmoney added in 2012, 113 of them in 4Q 2012.[9]
Competitors
Popmoney competes with a number of other P2P (person-to-person) payments services including Chase QuickPay, ClearXchange (a partnership of Bank of America, BB&T, Capital One, Chase Bank, U.S. Bank, and Wells Fargo), Dwolla, Google Wallet, PayPal, and Venmo.[10]
Criticism
In 2012, Consumerist criticized Popmoney because not all types of bank accounts can receive payments from Popmoney.[11]
References
- ^ "First Two Banks Go Live with CashEdge's POPmoney(TM) Person-to-Person Payments Service". PRNewswire (Press Release). December 10, 2010.
{{cite news}}
: Italic or bold markup not allowed in:|work=
(help) - ^ Urken, Ross (November 5, 2012). "Will Peer-To-Peer Payments Rescue the Mobile Wallet from Fad Status?". Daily Finance.
- ^ "News: Fiserv Enters Real-Time P2P Payments Fray with Popmoney Instant Payments". Digital Transactions. April 17, 2013. Retrieved June 30, 2016.
- ^ Rappart, Marc (July 5, 2012). "CashEdge Purchase Seen Boosting Fiserv P2P, Small Business Offerings". Credit Union Times.
- ^ Roberts, Ed (March 1, 2012). "Fiserv Inc. is merging its two person-to-person payment offerings, Popmoney and ZashPay, and will market the combined offering as Popmoney". American Banker.
- ^ Salmon, Felix (December 1, 2010). "Transferring money gets easier". Reuters. Retrieved 16 January 2013.
- ^ "Fiserv Combines Its P2P Payments Services Under the Popmoney Brand". Digital Transactions. February 29, 2012.
- ^ "Mobile Banking". The Vindicator. PA. December 21, 2012. Retrieved January 16, 2013.
- ^ "Fiserv reports Q4 earnings rise". Finextra (Press Release). February 6, 2013.
{{cite web}}
: Italic or bold markup not allowed in:|website=
(help) - ^ Stewert, Jackie (August 8, 2011). "PayPal faces increasing competition for P2P transfers". American Banker.
- ^ Northrup, Laura (October 18, 2012). "Popmoney Seemed Easy, Then I Tried To Actually Get My Money". Consumerist.