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April 12, 2011
 
CashEdge Inc., a provider of Intelligent Money Movement services, and Visa Inc. announced an agreement that will enable U.S. consumers to use their eligible Visa credit, debit, and prepaid accounts to send and receive person-to-person payments domestically and internationally through Popmoney, CashEdge’s P2P email and mobile payments service.

This capability, which will enable consumers to use Popmoney for transactions such as international remittance and funding prepaid cards, will be available in summer 2011.

Popmoney is an email and mobile person-to-person payments service which allows bank customers to send money from their online or mobile banking, simply using a recipient's email, mobile number or bank account information.

Currently, recipients receive the funds directly into their bank accounts. Through the agreement with Visa, Popmoney recipients will now have the option to direct funds to their eligible Visa branded credit, debit, or prepaid account by providing the 16-digit Visa account number. This capability expands the Popmoney offering by enabling Popmoney customers to send money domestically or internationally to recipients who may lack a traditional bank account, or to those who simply prefer to receive the funds directly to an eligible Visa prepaid, debit or credit account.

Popmoney is currently deployed at more than 170 U.S. financial institutions, including five top-20 U.S. banks. The service provides support for text messaging, WAP and downloadable mobile applications.
 
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