Technology Credit Union will be the first U.S. financial institution to enable immediate person-to-person payments from its ATMs to almost anyone in the world with a mobile phone or email address using a new payments service from NCR Corp. and PayPal Inc., the San Jose, Calif.-based institution announced Nov. 2.
With the new technology, a member will enter the recipient's contact information after signing in on the ATM and choose an amount to transfer. The credit union will then credit the funds to the recipient's PayPal account. Recipients who do not have a PayPal account will need to create one to receive the funds.
"ATMs, mobile phones and online banking are increasingly becoming the main channels our members use for their banking," said Barbara Kamm, First Tech president. "And we believe this innovative payment [service] 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.
