Pay Other People via a text message? Now CashEdge lets do this

CashEdge Inc is now offering a new service, POPmoney that means “Pay Other People”, providing online banking services for financial institutions that is to let users send money directly via a text message or email. In future the service is to reduce the needs to stop at ATMs or write checks when owing money.POPmoney solution provides userswith the ability to carry out payments through their bank’s online or mobile banking application by providing the recipient’s email address, cell phone number or account number. Users would be able to send the person-to-person payments directly from their cell phones as soon as enter their friends’ information online. The service will likely come with a fee, which will be set by the financial institutions. A demo transaction showed a standard transfer, which could take a few days, costing $2 and an express one costing $10. So, as Steve Kenneally of the American Bankers Association considers, the volume of paper transactions are cutting down, while the amount of electronic ones are growing and this just seems to be the next step along that path.