The latest update to BOLT$, SHAZAM's mobile payments app, included a person-to-person payment feature as well as an interactive ATM locator, the EFT network announced Feb. 5.
The new P2P money transfer feature allows SHAZAM BOLT$' cardholders to send money to other enrolled cardholders instantaneously, much more quickly than other person-to-person payment services such as Paypal, the company said.
"While other P2P solutions use ACH to support their transactions, we're using our SHAZAM debit rails, resulting in a much faster transaction," Terry Dooley, SHAZAM executive vice president and CIO said. "A user can easily determine whether an intended recipient is enrolled simply by entering the recipient's email address into the app."
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Users can confirm if the ATMs are surcharge-free Privileged Status terminals and get directions, check balances, and set parameters for email alerts, the company said.
Dan Kramer, senior vice president at SHAZAM, acknowledged competing P2P services that use the ACH system will also get faster over time, but EFT transfers are the fastest right now. In addition, SHAZAM is linked to consumer's financial institution, further building on the trust they feel.
"This is a real-time transfer debit cardholders can use now for fast transfers immediately," Kramer said. "As for a competitive edge, BOLT$ access comes directly through a consumers' financial institution, so there are trust, familiarity and convenience factors that give the app a definite edge."
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