June 2010
US Bank to launch P2P payments
US Bank, the sixth-largest US bank by assets, is to launch a person-to-person mobile payments service to customers via a partnership with payments vendor CashEdge.
US Bank will roll out CashEdge's Popmoney service later this year to its mobile banking customers at www.usbank.com and the downloadable mobile banking application, the US Bank Mobile Wallet.
The service will enable US Bank customers to send money directly from their bank account to anyone with an email address, mobile phone number and a bank account.
Bank of the West, the US-based retail subsidiary of BNP Paribas, kicked off a similar service in May in partnership with the same vendor (see Bank of the West launches virtual money service)
“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."
In April, a survey sponsored by FIS, PayPal and Nacha reported that almost half of Americans who bank online are interested in electronic person-person payments.
The report added that 70% of respondents interested in the new service would be likely to use P2P payment services.