How does PopMoney work? Nowadays, new electronic payment services come out like mushrooms. This is certainly not the case with Popmoney, which we cannot consider a newcomer in the market.
Nevertheless, it is one of the lesser-known services, and among other similar money apps, it is beneficial when you want to avoid carrying cash around.
The main purpose of Popmoney is to help you send money to your friends and loved ones. If in case you are, how you can send money to your roommate or friend? No problem, Popmoney makes it possible just by tapping on few buttons of your app.
But how does it actually work?, you would wonder, “how does Popmoney work?”. Let me answer you in this post.
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What is Popmoney?
Created in 2010, Popmoney is a digital payment service that uses a Peer-to-Peer (P2P) technology that allows its users to send and receive money electronically between their accounts.
There is a big difference between other P2P electronic payment platforms like PayPal and Venmo. In fact, Popmoney transactions are performed directly between users’ current accounts.
Popmoney transactions are executed directly from the sender’s bank account to the recipient’s bank account. This is to say, Popmoney does not have a stored-value account for either the sender or receiver to hold money.
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Why Should You Choose Popmoney?
Popmoney, although not very popular, is slowly becoming a standard and many lenders accept Popmoney.
It can be a great choice to speed up and make it easier to send and receive money between clients’ bank accounts. To make it even more comfortable, Popmoney also makes an app available on iOS and Android devices.
How Does Popmoney Work?
Step #1. Set up Popmoney
To use Popmoney services, you will first need to register using your bank account details. You can do this on the Popmoney website or directly on the platform’s mobile app.
If your bank account accepts Popmoney, simply log into your bank’s app and register directly from the platform that the bank makes available to you.
Read also: 2 Ways to Delete Cash App Account
Step #2. Sending Money
With Popmoney, sending money is very easy and very fast. Once you log into your Online Banking platform, select Popmoney / Bill Pay, then you can send money to anyone who uses their mobile number or email address.
Each time you complete the transaction, you will receive a text message or email notification once the transaction is complete.
Step #3. Receiving Money
The moment a friend or family member sends you money via Popmoney, you will then receive a message or an email notification.
At that moment, you can decide to direct the money received to your checking account.
Keep in mind that if your bank has a contract with Popmoney, you will not have to take any action, and the money received will be sent directly to your bank account.
In other words, your bank account details will not be shared with either the sender or the recipient.
Otherwise, if your bank does not accept Popmoney, you can ask friends and family to deposit the money directly into the account on
popmoney.com, and the funds will be transferred there.
The money will be transferred back to the sender’s account if you don’t provide your bank account details.
The time it takes Popmoney to send the money to the recipient depends on several factors, including the financial institution and the delivery speed you select.
This option takes only one business, depending on how the recipient account receiving is set up. If they allow automatic deposits in their accounts, they will receive the money within one business day if the account details they provide are valid and correct.
This method take about about two to three business days if the the recipient account details are correct and they have also set to receive automatics deposits into their accounts.
Is Popmoney Secure?
Popmoney is one of the many electronic payment services that can be used. Like most of these services, Popmoney is an extremely secure platform that requires you to verify your email address and phone number.
Additional security is provided by request to enter the single-use PIN to ensure extra safety.
Otherwise, it can become a risk to buy goods and services through Popmoney. In fact, unlike other services like PayPal, this platform doesn’t offer buyer protection, which typically leaves you alone if the goods you have purchased don’t arrive. Caution in these cases is a good weapon.
When sending money: In this case, the PopMoney limits you will have to be applied for sending money per day and per month is $500 and $ 1,000 on a debit card, respectively.
As for the daily and monthly limit of the bank account, it is respectively $2,000 and $5,000.
When you request money: The limit, in this case, you can request per day and per month is $1,000 and $2,500, respectively. Again, the limit on the amount you can pay on an application is $2,500 and $4,000 per day and month, respectively.
The service is increasingly becoming popular and being integrated with the major financial institutions in the United States makes Popmoney a great way to send and receive money directly among its users’ accounts.
With a Popmoney account, you no longer have to worry about sending checks in the mail or wasting time going to the bank to deposit cash into your checking account before sending it to your recipient.