Wescom Offers P2P Service
Wescom Resources Group is offering its credit union clients mobile person-to-person payment service from PayPal.
The CUSO of $2.6 billion Wescom Credit Union in Pasadena, Calif., is offering the PayPal Send Money service through its MemberEdge mobile banking solution and said it plans to later incorporate it into online banking and bill pay.
The service requires only an email address or mobile number from the recipient, standard now among the growing list of P2P competitors. They include Fiserv’s ZashPay and CashEdge’s popmoney, both have struck their own deal with Visa Inc.
Contenders also include tiny startups like Dwolla, backed by Iowa credit unions, and the clearXchange service just announced by industry giants Bank of America, JP Morgan Chase and Wells Fargo. Meanwhile, at least one other credit union online banking vendor – S1 Corp. subsidiary PM Systems–has already partnered with PayPal, the eBay-owned global operation.