The Popmoney Network: A Golden Opportunity
Citi has been airing commercials featuring Bob and Mike Bryan, twin brothers who won the bronze medal in doubles tennis at the 2008 games and who are contenders for the gold medal in London in 2012. The ad shows the Bryan brothers volleying payments back and forth to each other through the Popmoney® personal payment service network, providing a visual representation of how the service works.
Citi is not alone. Other banks and credit unions are capitalizing on consumers’ growing affinity for electronic payments as a golden opportunity to promote Popmoney – through advertising, social media, on their websites and in their branches. The value of this awareness to everyone in the network is substantial, namely because Popmoney is a network brand.
With our recent upgrade, Popmoney is available to 35 million online banking consumers through 1,400 participating financial institutions. We are reaching an inflection point for a financial institution-centric personal payments model that will provide consumers with a seemingly magical transaction experience.
I was traveling recently in Spain and was struck by how easy it was for me to get money with my debit card using virtually any bank’s ATM. While that might not seem like a big deal today, there was a time when my ATM card was useless in the country. Thanks to the power of a network infrastructure, consumers today have confidence that their card will work pretty much anywhere without a lot of thought on their part. It is that kind of consumer confidence that will fuel the future of personal payments.
Today, consumers can use Popmoney to send money to and receive money from people they owe or know, all through their existing bank account.
The simplicity and seamlessness of the transaction, together with the awareness of the brand, helps instill confidence in potential users. As more users understand what Popmoney is and how it can be used to make financial transactions easier for them, the value of the network will continue to grow for consumers and financial institutions.