Bank Of Internet Launches A New Payment Service

US-based Bank of Internet (BofI) has expanded its offering with the launch of a new person-to-person payment service, Popmoney, to eliminate the problems associated with checks and cash.

BofI said that Popmoney allows customers to electronically send and receive money or checks to friends and family and is as easy as emailing and texting.

The new payment service enables customers to send or receive money to anyone using either their email address or mobile number, with no requirement of their bank account information.

BofI president and CEO Greg Garrabrants said that through the new service people can receive their money straight into their online bank account.