Fifth Third Bank to Launch P2P payments

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CashEdge says that Fifth Third Bank, one of the largest banks in the US, will launch Popmoney, CashEdge’s person-to-person email and mobile payments service, to its customers. The service will be offered online through Fifth Third’s online banking platform beginning in mid-2011.

Popmoney is the first email and mobile person-to-person payments service to allow bank customers to send money from their online or mobile banking, simply using a recipient’s email, mobile number or bank account information. Popmoney provides support for text messaging, WAP and downloadable mobile applications.

“We have seen a significant increase in demand from US banking customers for simple-to-use and convenient payments services,” comments Neil Platt, GM, US Banking, CashEdge. ‘By offering Popmoney to its customers, Fifth Third is meeting this increased demand, and joining over 170 financial institutions, including 5 top 20 US banks, in providing the most secure and reliable email and mobile payments service currently available.”