Popmoney

Popmoney
Type of business Division of Fiserv
Type of site
 Online payment system
Headquarters New York, NY
Founder(s)
  • Sanjeev Dheer
Website www.popmoney.com

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. In 2018, some banks began to replace popmoney with zelle.

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 $1.00 each. 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.[6][7]

Criticism

In 2012, Consumerist criticized Popmoney because not all types of bank accounts can receive payments from Popmoney.[8] Additionally, Popmoney makes it difficult for a user to close their account. Users are allowed to create accounts online, but per the terms of service are required to send account closure requests via postal mail in order to terminate their account.

References

  1. ↑ "First Two Banks Go Live with CashEdge's POPmoney(TM) Person-to-Person Payments Service" (Press release). PRNewswire. December 10, 2010.
  2. ↑ Urken, Ross (November 5, 2012). "Will Peer-To-Peer Payments Rescue the Mobile Wallet from Fad Status?". AOL.
  3. ↑ "News: Fiserv Enters Real-Time P2P Payments Fray with Popmoney Instant Payments". Digital Transactions. April 17, 2013. Retrieved June 30, 2016.
  4. ↑ Rappart, Marc (July 5, 2012). "CashEdge Purchase Seen Boosting Fiserv P2P, Small Business Offerings". Credit Union Times.
  5. ↑ 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.
  6. ↑ "Fiserv Combines Its P2P Payments Services Under the Popmoney Brand". Digital Transactions. February 29, 2012.
  7. ↑ "Fiserv reports Q4 earnings rise". Finextra (Press release). February 6, 2013.
  8. ↑ Northrup, Laura (October 18, 2012). "Popmoney Seemed Easy, Then I Tried To Actually Get My Money". Consumerist.
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