A small Colorado credit union is among the first in the state to offer person-to-person (P2P) payment capabilities to its members.
Members FCU in Aurora is using Fiserv Inc.'s ZashPay solution to power what it calls "a new and exciting offering that rivals the quickness and convenience of PayPal."
The $72 million credit union said it will charge 50 cents per transfer, which require only a mobile number or e-mail address of the recipient. Funds will then be sent the same or next day, the credit union said.
"We're excited to offer ZashPay to our members as a quick and convenient way to send money to children away at college, friends, coaches, whomever, all at a low cost," said Jeff Holler, president of 8,100 Members FCU.
The company said more than 200 financial institutions nationwide have signed up to use ZashPay, including $5 billion San Diego County CU and $7.8 billion The Golden 1 Credit Union, who were among the first users when they went live in late June.