Move over, cash – there’s a new payment method in town. If you really want to pay your friends back for group lunch, use an app to send money to their mobile-phone number or email address.
MidWestOne started offering a peer-to-peer payment system called Popmoney® recently – one of the many digital payment options available in the marketplace right now. Popmoney is an easy, fast and secure online personal payment service that lets you send, request and receive money directly from your bank account.
Think this is another fad? Think again! Technology-enabled, peer-to-peer payments like Popmoney, Square Cash, Venmo or PayPal are growing quickly. According to Forrester Research, mobile peer-to-peer payments are expected to hit $17 billion by 2019, growing an average of 26 percent annually. That compares with expectations of total U.S. mobile payments of $142 billion by that year.
How does Popmoney work?
Popmoney lets you send money to friends, family or almost anyone directly from your checking account. Once you sign up for the service, all you need is the recipient’s name and email address or mobile phone number to move money from your bank account to theirs.
As a MidWestOne customer, here’s how it works:
The fee is just $0.50 per transaction. Fees will be disclosed before you make the payment and will be specific to the both the amount and method.
How long does the transaction take?
With Popmoney, recipients can receive money in as little as one business day. However, in some cases it may take longer. For example, if you send an email or mobile payment and the recipient is not yet registered for Popmoney, he/she must sign up for the service before the money can be deposited.
How secure is Popmoney?
From the moment information is sent to Popmoney to the time it is stored and accessed again, it is encrypted using industry-leading software, hardware and algorithms. Security is also utilized at specific points and actions in the product. For example, to help prevent an unauthorized person from fraudulently depositing someone else’s payment, one-time passcodes are used. For every initial payment to a new email address or mobile phone number, a one-time passcode is sent to the user. The user must provide the passcode back to Popmoney to verify his/her “ownership” of that mobile number or email address before he or she can deposit the payment.