SAN JOSE, Calif.—Technology CU announced this morning it will be the first financial institution in the country to enable real-time, person-to-person payments from its ATMs to almost anyone in the world with a mobile phone or e-mail address, using a new payments service from NCR and PayPal.
With the new technology, a member will enter the recipient's contact information after signing-in on the ATM, choose an amount to transfer, and the money will then be immediately credited to the recipient's PayPal account. If the receiver does not have a PayPal account, he or she will need to create a PayPal account in order to receive the funds.
"ATMs, mobile phones and online banking are increasingly becoming the main channels our members use for their banking," Barbara Kamm, president of First Tech, "and we believe this innovative payment solution will spur more financial interactions through those channels. We plan to have this capability on all of our electronic platforms by early next year so that our members can choose the payment or transfer option that's most convenient for them."
The $1.3 billion credit union plans to roll out the service in early 2012.
