For those who might be dubbed the "belated gift-giver" among their circle of friends, Popmoney
, the person-to-person payment service from
, Inc. (NASDAQ: FISV), can make last-minute gift giving easy this holiday season. The secure Popmoney service allows users to send money electronically using the recipient’s email address or mobile phone number. After all, saying “Happy Holidays” with the gift of money is a way to ensure everyone on the list gets what they really want.
More than 16 billion person-to-person payments are made each year, according to an analysis done by McKinsey & Company on behalf of Fiserv, with gifts representing a notable portion of this total. While most of these payments are currently made with cash or checks, electronic payments between people, also known as “social payments,” are an emerging trend. During the month of December, gifting is second only to paying rent for transactions made using Popmoney, according to Fiserv data. Shared bill payments, general repayments and shared travel and vacation costs round out the top five ways people are using person-to-person social payments this month.
The Popmoney service is offered by Fiserv, the leading provider of online banking and bill payment to financial institutions, at more than 1,700 participating banks and credit unions, such as Citibank and PNC Bank, or anyone can sign-up at
. Once enrolled, all a user needs is the recipient’s email address or mobile phone number to send money straight from their checking or savings account to the recipient’s without exchanging bank account information.
“Popmoney enables the social payments consumers make today – whether it is sending a gift or splitting the rent – and eliminates the hassle of dealing with cash or checks,” said Tom Roberts, senior vice president, Marketing, Electronic Payments, Fiserv. “This holiday season people can use Popmoney to easily and securely send money to loved ones on their gift list no matter where they are in the country.”