Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that it has integrated its Popmoney ® person-to-person payments service with its widely used Mobiliti™ mobile banking and payments platform. Person-to-person (P2P) payments can now be initiated directly from a user’s mobile banking account, enhancing the functionality of mobile banking by enabling consumers to pay people they know or owe using their email address or mobile phone number. Consumers can also manage incoming payments and review their transaction history.
“As more of our members adopt and experience the benefits of mobile banking, they are ready to go beyond basic access to account information to use the service in new ways,” said Donna Bland, President and Chief Executive Officer of Golden 1 Credit Union. “The integration of Popmoney into our mobile banking platform brings the innovative personal payments functionality that our members are looking for to our mobile banking service.”
More than 16 billion person-to-person payments are made each year, according to an analysis done by McKinsey & Company on behalf of Fiserv. 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. Tablet banking and mobile banking users have indicated that they are interested in making these types of payments, with the April 2012 Forrester Research, Inc. report, “US Bankers Want More From Digital Banking,” showing that 51 percent of tablet banking users and 46 percent of mobile banking users would like to make person-to-person payments via their devices.
As a result of the integration, Popmoney is readily available within the Mobiliti mobile banking user interface, making it easy for users to manage their mobile banking and payments activity from a central hub. With mobile banking adoption surging and consumers beginning to utilize the service in more sophisticated ways, it has become increasingly important for financial institutions to deliver a unified set of mobile banking and payments options. Transactional capabilities, such as the ability to deposit checks, pay bills and make person-to-person payments, are increasingly in demand, and delivering them drives convenience and satisfaction with the service and the financial institution.