It seems like each passing day brings with it a new electronic payment service, and consumers absolutely love it. While Popmoney is no newcomer to the Peer-to-Peer (P2P) electronic payment scene, it is one of the most unknown payment services that perfectly eradicate the hassle of writing checks and carrying cash to sort bills here and there. Do you want to send money to your roommate or to your friend? No problem, Popmoney makes it legitimately possible.
What is Popmoney?
Launched in 2010, Popmoney is a P2P electronic payment service that allows consumers to send and receive money electronically to and from their bank accounts.
Unlike other electronic P2P payment platforms such as PayPal and Venmo, Popmoney transactions are executed directly from the sender’s bank account to the recipient’s bank account directly. In other words, Popmoney does not have a stored-value account for either the sender or receiver to hold money.
Why Choose Popmoney
With over 2,500 U.S. banks and Credit Unions accepting Popmoney, it can be a great platform to send and receive money from family and friends, as well as from business associates. This mobile payment service is also compatible with iOS and Android devices.
This makes it a great platform for sending and receiving money. Do you want to send rent to your roomie? No problem, Popmoney got you covered.
How Does Popmoney Work?
1. Setting up Popmoney
In order to enjoy Popmoney services, you have to sign up using your bank account information at Popmoney.com or download the platform’s mobile app. If your bank account accepts Popmoney, you can simply log into your bank’s mobile app or online banking platform and register.
2. Sending Money
With Popmoney, sending money is as easy as A, B, C. Log into your Online Banking platform, select Popmoney/Bill Pay, and then send money to anyone using his/her mobile phone number or email address. You’ll then get a text message or email notification once the transaction is completed. Generally, Popmoney is appropriate for informally sending and receiving money to and from people you know and trust.
3. Receiving Money
When a friend or family member sends you money through Popmoney, you’ll receive a text message or email notification. You can then log in to your Popmoney account and direct the money to your bank account, but that’s if your bank accepts Popmoney and the sender sent money to your Mobile number or email address.
Keep in mind that the money sent to you through Popmoney will be automatically deposited to your bank account and you do not have to take any action as a recipient. In other words, your bank account information will not be shared either with the sender or the recipient.
If your bank doesn’t, however, accept Popmoney, you can offer your bank account at popmoney.com, and the funds will be transferred there. The money will be transferred back to the sender’s account if you fail to provide your bank account information.
Processing Time
The amount of time it takes for the recipient to receive money depends on a number of things, including your financial institution and the delivery speed that you select.
1. Express Delivery – Next Business Day
The recipient will receive money after a single business day if the recipient has provided his/her bank account information and turned on Automatic Deposit.
2. Standard Delivery – Three Business Days
The recipient will receive the money within three business days if the recipient has provided his/her bank account information and turned on Automatic Deposit.
How Much Can Your Transfer?
Like most electronic P2P payment platforms, Popmoney provides limits when it comes to sending money. You must transfer at least $5, but there are varying limits.
Popmoney Limits
- Sending Money: The limit that you can send per day and per month is $500 and $1,000, respectively, on a debit card. The limit per day and per month is $2,000 and $5,000 respectively on a bank account.
- Request Money: The limit that you can request per day and per month is $1,000 and $2,500, respectively. Again, the limit of the amount you can pay on a request is $2,500 and $4,000 per day and per month, respectively.
Popmoney Fees
Unlike most electronic P2P payment platforms, Popmoney charges transaction fees. Popmoney fees are set at $0.95 for each completed transaction.
Is it Safe to Use Popmoney?
Popmoney is one of many legitimate electronic payment services that you can use. Popmoney is a safe platform that requires you to verify both your email address and phone number. When logging in to your Popmoney account, you’ll always be required to enter a one-time pin code to enhance your safety. Again, you do not have to share your bank account information with anybody. You can use your mobile number and email address.
Differently, it can be risky to purchase goods and services through Popmoney. This platform does not offer buyer protection, which basically leaves you on your own if the goods you bought do not arrive. Keep in mind that Popmoney can be used to carry out various scams. So you should be extra careful when using Popmoney.
Conclusion
Connected to over 2,500 financial institutions in the United States, Popmoney is increasingly becoming a great way for individuals to send and receive money to their friends and family members. Do you want to send some dollars to your kid in college? Popmoney makes it absolutely easy.
With Popmoney, you don’t have to worry about mailing checks all the time or rush to the bank whenever you want to send some money from your bank account.
