Developed in conjunction with CashEdge Inc., a provider of money transfer capabilities, the service is free for all PNC customers and available as part of PNC’s online banking system.  The person-to-person payment service lets customers send money using just an email address or mobile phone number.

“PNC developed Virtual Wallet in 2008, with a commitment to make banking easier for Gen-Y and other tech-savvy customers who prefer to bank online,” said Thomas S. Kunz, director of payments and e-Business for PNC, Overland Park, KS. 

“This new P2P payment service builds on that success by providing our customers a way to move money online between friends and family easily and securely and without having to share their account information,” he said. 

“In doing so, we are able to offer a payments solution that meets the needs of our customers in a way that fits their lifestyle, while positioning PNC as a leader in the online banking and electronic payments space.”

PNC Bank is a member of The PNC Financial Services Group Inc., one of the nation’s largest diversified financial services organizations providing retail and business banking, residential mortgage banking and specialized services for corporations and government entities.

Mobile payments are here
Consumer payment habits are definitely changing as of lately. A study by Firethorn found that 59 percent of consumers said that they are interested in using their mobile devices to pay for items.

Consumers want to make mobile payments and are ready to participate in new mobile commerce activities that are emerging from a mobile banking and mobile payments foundation.

With the PNC person-to-person money transfer service, payment notices are sent to either an email address or to any text-capable mobile phone.

Once notified that a payment is waiting, PNC customers must simply enroll at http://www.pnc.com within online banking to claim their money.

Non-customers can claim funds at http://www.popmoney.com/pnc or at another participating bank.

With the introduction of Virtual Wallet in 2008, PNC made a commitment to make banking easier for the next generation of banking customers.

The new P2P payment service offers tech-savvy customers a safe and convenient solution that fits their lifestyle and personal banking needs, while continuing to position PNC as a leader in the online banking and electronic payments space.

Consumers are increasingly seeking improved ways to transfer funds to family, friends and associates.  During 2008, there were an estimated 9 billion person-to-person payments in the U.S., representing more than one trillion dollars moving between parties.

“Payment habits change slowly, and while cash and paper checks are still the primary means of person-to-person payments, we know there are a growing number of customers who want to make paperless P2P payments online and through their own bank,” Mr. Kunz said. 

“It is important for us to offer a solution that fulfills this growing need as part of PNC’s commitment to make banking simple, safe and convenient for our customers,” he said.   

By allowing its customers to send money to friends, family and associates using just a mobile phone number or email address, PNC provides an opportunity for them to complete payments with the interactive tools and channels they use most.    

To use the new person-to-person service, customers simply need to have access to standard text messaging capabilities. Text messaging also serves as an added security measure.

“We expect this P2P service to appeal especially to the parents and college-aged students and for anyone interested in making social payments such as to clubs or activities,” Mr. Kunz said.