Popmoney
{{short description|Person-to-person payments service}}
{{Infobox website
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| logo = Popmoneylogo.jpg
| logo_size = 200px
| company_type = Division of Fiserv
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| founder = {{Unbulleted list| Sanjeev Dheer }}
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| location = New York, New York
| location_country = United States
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| url = {{URL|www.popmoney.com}}
| website_type = Online payment system
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Popmoney was a person-to-person payments service (P2P) developed by CashEdge (now part of Fiserv) and launched in December 2010.{{cite press release |author=CashEdge |date=December 10, 2010 |title=First Two Banks Go Live with CashEdge's POPmoney(TM) Person-to-Person Payments Service |url=http://www.prnewswire.com/news-releases/first-two-banks-go-live-with-cashedges-popmoneytm-person-to-person-payments-service-79607992.html |archive-url=https://web.archive.org/web/20091222193916/http://www.prnewswire.com/news-releases/first-two-banks-go-live-with-cashedges-popmoneytm-person-to-person-payments-service-79607992.html |archive-date=22 December 2009 |publisher=PRNewswire}}
The service enabled 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{{Citation needed|reason=Which banks? What happened in 2018? Why did they replace?|date=October 2021}}. Fiserv discontinued the service on June 30, 2023, stating that the majority of its customers had already transitioned to Zelle.{{cite web | last = Stewart | first = John | date = May 31, 2023 | title = As New Services Roil P2P, Fiserv Gets Set to Shut Down Its Popmoney Network | url = https://www.digitaltransactions.net/as-new-services-roil-p2p-fiserv-gets-set-to-shut-down-its-popmoney-network/ }}
The name "Popmoney" is an acronym for "pay other people money".
Function
Popmoney differed from other person-to-person payment services in the manner that transactions took place. Popmoney transactions executed from the sender's checking account to the receiver's checking account directly; there was no requirement for a stored-value account for either participant.{{cite news | author=Urken, Ross | url=https://www.aol.com/article/2012/11/05/mobile-wallet-peer-to-peer-payments-popmoney-venmo-dwolla/20359761/ | title=Will Peer-To-Peer Payments Rescue the Mobile Wallet from Fad Status? | work=AOL | date=November 5, 2012}}
Transactions executed through popmoney.com cost $1.00 each. Generally, transactions took 1–3 days, but in April 2013 real-time payments were enabled in certain circumstances.{{cite web | url=http://www.digitaltransactions.net/index.php/news/story/3948 | website=Digital Transactions | title=News: Fiserv Enters Real-Time P2P Payments Fray with Popmoney Instant Payments | date=April 17, 2013 | accessdate=June 30, 2016}}
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.{{cite news | author=Rappart, Marc | date=July 5, 2012 | url=http://www.cutimes.com/2011/07/05/online-only-cashedge-purchase-seen-boosting-fiserv | title=CashEdge Purchase Seen Boosting Fiserv P2P, Small Business Offerings | work=Credit Union Times}}{{cite news|author=Roberts, Ed |date=March 1, 2012|url=http://www.americanbanker.com/issues/177_42/fiserv-cashedge-popmoney-zashpay-p-to-p-1047121-1.html|title= Fiserv Inc. is merging its two person-to-person payment offerings, Popmoney and ZashPay, and will market the combined offering as Popmoney | work=American Banker}}
Bank integrations
As of February 2012, Popmoney had enabled single sign-on capability with over 1,400 financial institutions.{{cite web | website=Digital Transactions | date=February 29, 2012 | url=http://digitaltransactions.net/news/story/3444 |title=Fiserv Combines Its P2P Payments Services Under the Popmoney Brand}}{{cite press release | url=https://www.finextra.com/news/announcement.aspx?pressreleaseid=48372 | title=Fiserv reports Q4 earnings rise | website=Finextra |date=February 6, 2013}}
Criticism
In 2012, Consumerist criticized Popmoney because not all types of bank accounts could receive payments from Popmoney.{{cite web | last=Northrup | first=Laura | title=Popmoney Seemed Easy, Then I Tried To Actually Get My Money | url=http://consumerist.com/2012/10/18/popmoney-seemed-easy-then-i-tried-to-actually-get-my-money/ | work=Consumerist |date=October 18, 2012}} Additionally, Popmoney made it difficult for a user to close their account. Users were allowed to create accounts online, but per the terms of service were required to send account closure requests via postal mail in order to terminate their account.{{cn|date=September 2023}}
References
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