US Bank to offer P2P payments via CashEdge

According to Fis, PayPal annd Nacha, almost 50 percent of Americans are interested in using electronic P2P payments, which is good for the fifth-largest commercial bank in America, US Bank, who are launching person-to-person mobile payments to customers in the fall through a partnership with CashEdge.

Using CashEdge, who is currently also in talks with five other banks, US Bank customers will be able to send money directly from their bank account to anyone with an email address, mobile phone number and bank account.

"Consumers need the ability to move money ... and pay individuals as well as businesses in an environment where cash and checks are less and less [used]," says Jeff Lewis, an executive vice president for e-payments at Fidelity National Information Services Inc. "Consumers are saying, "I need the velocity I want.""

US Bank will utilize CashEdge's Popmoney service through usbank.com.

"Unlike a wire transfer or other previously available payment options, these new alternatives would only require the payor to have their payee's e-mail address or mobile phone number. No bank routing number and account number required. That makes these new options much easier and more appealing to privacy-conscious consumers," CashEdge explain on their website.

Meheriar Hasan, head of the Internet and mobile channel at US Bank, says: "US Bank is committed to the mobile channel, and meeting the emerging needs of our rapidly growing mobile customer base."

US Bank is currently pouring investment into the mobile service delivery channel. At a mobile summit in Las Vegas earlier this week, the bank previewed a soon-to-launch "mobile concierge" service developed in association with Infosys, which will use GPS technology to send targeted coupons to shoppers in retail locations.

The payments will normally take two days to clear, and arrive in a recipients account.

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