US Bank is to become the first mainstream US
financial institution to launch a person-to-person
(P2P) payments service after teaming up with provider
CashEdge.
US Bank will offer CashEdge’s online and
via mobile product Popmoney to customers through usbank.com and a
downloadable mobile banking application, called the US Bank
Mobile Wallet.
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US Bank is the first large US bank to offer a
mobile P2P solution that enables users to send money directly from
their bank account to anyone with an email address, mobile phone
number and a bank account.
“US Bank is committed to the mobile channel,
and meeting the emerging needs of our rapidly growing mobile
customer base,” said Meheriar Hasan, head of the internet and
mobile channel at US Bank. “Popmoney is a secure, easy to use
payment service, and we are very excited to offer it to our
customers.”
“Through Popmoney, US Bank Mobile Wallet users
will benefit from the proven reliability, security and robustness
of CashEdge’s money movement platform, which in 2009 processed
nearly $50 billion in online funds transfers for bank
customers. For current CashEdge clients, Popmoney is a simple
upgrade of their existing TransferNow service,” said Neil
Platt, Senior Vice President and General Manager, US Banking, at
CashEdge.
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