The latest update to BOLT$, SHAZAM's mobile payments app, included a person-to-person payment feature as well as an interactive ATM locator, the EFT network announced Feb. 5.
The new P2P money transfer feature allows SHAZAM BOLT$' cardholders to send money to other enrolled cardholders instantaneously, much more quickly than other person-to-person payment services such as Paypal, the company said.
"While other P2P solutions use ACH to support their transactions, we're using our SHAZAM debit rails, resulting in a much faster transaction," Terry Dooley, SHAZAM executive vice president and CIO said. "A user can easily determine whether an intended recipient is enrolled simply by entering the recipient's email address into the app."
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