Technology Credit Union is the first US financial institution to enable real-time, P2P payments from its ATMs to those with a mobile phone/e-mail address.
The Silicon Valley-based company's new payments service, available in over 60 countries, is powered by NCR and PayPal and is set to launch in early 2012. "We're thrilled that Technology Credit Union is extending our peer-to-peer payment expertise to the ATM machine," says Dan Schatt, the general manager of financial innovations at PayPal. "With just a mobile phone number and a few taps on a Tech CU NCR SelfServ ATM, its customers will be able to make P2P money transfers quickly, easily and securely to anyone's PayPal account."
"ATMs, mobile phones and online banking are increasingly becoming the main channels our members use for their banking," comments Tech CU president and CEO Barbara Kamm. "And we believe this innovative payment solution will spur more financial interactions through those channels. We plan to have this capability on all of our electronic platforms by early next year so that our members can choose the payment or transfer option that's most convenient for them."
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