To set up Popmoney, you have to sign up at your bank’s website or at Popmoney’s site. Popmoney’s personal payment service goes directly from bank account to bank account, but it doesn’t work with every bank. Check with your bank before signing up for Popmoney.
Popmoney charges a flat $0.95 per transaction. To send money, you can either go to Popmoney’s website or download their app to your phone. Then, enter the email address or phone number of whomever you’re sending money to – they don’t need to have a Popmoney account. They’ll get notified to deposit their money, enter their bank account information and the money will be directly transferred there.
Requesting money works a lot like sending money. From your Popmoney account, enter the email address of phone number of whomever you’re sending money to, they’ll enter their debit card information and the money will go directly into your account.
Popmoney has not suffered any outright security breaches, however information regarding the specifics of their security systems are sparse. Apart from verifying the account using SMS or email verification codes, Popmoney tends to skirt questions regarding how they protect user information. While most money transfer services assure their users their information is encrypted, Popmoney does not mention it anywhere.
Popmoney is also particularly susceptible to scams – you may receive texts or emails from your “friends” requesting money and payment information. If Popmoney doesn’t encrypt information, hackers can easily access who you’ve sent money to and create fake, but misleaading email accounts in their names. Plus, Popmoney doesn’t provide buyer protection like some other money transfer services (such as Venmo) do.