An advantage of the PopMoney p2p, said Lori Holmes, a Service Credit Union executive, is that members can make payments without knowing the account information of the recipient. Instead, only a cell phone number or an email address is required.
As for why it is offering the service free, Holmes said, “we wanted a service that is easy, secure and free. That is what we believe our members want.”
Gordon Simmons, president/CEO of the $2 billion Service Credit Union, which serves members of the US military as well as residents of N.H. and Cape Cod, said in a statement, “Popmoney provides state-of-the-art online functionality to move money from a Service Credit Union account to accounts here or at other financial institutions.”
In an interview, Holmes explained that the credit union had no usage data yet as the program was just launched on July 10. She added that promotion thus far has been minimal but Service Credit Union plans to begin advertising it more aggressively.
“Many people no longer want to write a check,” said Holmes. “We believe this will be a very popular service.”