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PAYMENTS: Watch Out, PayPal
As we shared a coffee this morning, an industry consultant and I were talking about how traditional banks had largely ceded online payments to PayPal. “Boy, they let that one get away from them,” I said.
And then I saw this item. In just eight months, CashEdge has 100 financial institutions signed up for its PayPal-killer, POPmoney. The first two banks went live with the service in mid December. Yes, eight weeks ago.
Whether POPmoney can even come close to the nearly $800 million of quarterly revenue is, of course, an unanswerable question. But the fact that banks now have a viable alternative is noteworthy. The 100 signups represent a first victory for POPmoney. I’d expect more “victories” in the coming months — or even weeks.
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