POPmoney allows bank customers to send an electronic payment from within the online or mobile banking site by using the email address or mobile phone number of the recipient. Likewise, payments recipients can receive the funds directly into their bank accounts. POPmoney includes an SMS text messaging application, as well as downloadable mobile applications, enabling banks to extend their P2P functionality to mobile phones.
All the four banks are expected to go live with the new service by the end of 2009.
POPmoney is based on CashEdges money movement platform, which in 2008 processed online funds transfers worth USD 50 billion for bank customers. For current CashEdge clients, POPmoney is offered as an upgrade to the existing TransferNow service.
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