Whether it's to repay a friend for that great dinner last night, send funds to a family member, pay for the supplies for your business or even pay your rent, everyone is looking for faster and easier ways to manage their payments. GenieChecking with P2P payments is the solution.
Peer-to-Peer Payments sometime also referred to as Person-to-Person Payments or simply just P2P Payments , are a part of a new suite of services that is changing the financial services landscape and challenging traditional players like banks and credit unions to offer similar capabilities to customers, or risk losing business.
Send a P2P Payment from your CashBox to anyone. When sending a P2P Payment to another Member your payment will be processed electronically as a cash payment from your CashBox to the receiving Member's CashBox. You can also send a P2P payment to anyone with an email address, the receiving party will be notified that you sent them a payment and that they can click on the "Activate and Deposit" button in that email and establish their own GenieChecking account and automatically credit their new GenieChecking account, in real time, with the funds you sent them.
Traditional banks and credit unions are being caught off guard and are having to play catch up while new innovative providers disrupt the market for today's payment services with which "consumers can essentially cut out banks and credit unions now to make payments.
For better or worse, new technology makes sticking your friend with the restaurant check or shirking your share of the monthly bills much harder these days. P2P Payments means moving money to friends and family is faster, less painful and more secure, claiming you're "fresh out of cash" or can't find your checkbook is increasingly a lame reasons not to pay up.
Tool for the Unbanked
P2P payments are a natural payment tool for the underserved or unbanked population, because the transaction sizes are much smaller and more frequent and the fees are much less than a Western Union or a Moneygram."
With an estimated 68 million Americans either underserved or unbanked, not to mention more than 40 million who are foreign-born, GenieChecking with P2P Payments appears to be a simple solution.
GenieChecking with P2P Payments allow you to: