PayPal Teaming Up with USAA Bank for Person to Person Payments

by Mercator Advisory Group 0

PayPal announced an agreement with USAA Bank to implement a new P2P payment service. USAA, well know for its “branchless” service strategy serving militarty families and their relatives, is a good candidate foir such a service. Dan Schatt, GM of Financial Innovations at PayPal, commented:

USAA’s members will be able to pay almost anyone with an e-mail address or mobile phone number, in real-time, and directly from their mobile phone!

The use cases for this type of service are endless. Imagine having the ability to instantly send money to your mom, your kids in college, a babysitter, friend, or even the local PTA. USAA members will be able to do this in real time with the money accessed from their USAA Bank account.

The service is planned to go live in 2011 at USAA.

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