Bank One debuts cash by e-mail

From...

March 15, 2000
Web posted at: 8:41 a.m. EST (1341 GMT)

by Computerworld

(IDG) -- In a move aimed at helping people send and receive money faster, Bank One Corp. last week introduced eMoneyMail, a person-to-person e-mail payment system.

The Chicago-based bank said customers in the U.S. can use the service to send up to $500 in cash at one time. Customers don't need to have a Bank One account to participate in eMoneyMail. An e-mail address and a checking account with a U.S. bank or Visa credit card will suffice, Bank One said.

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Robin Yocum, a Bank One spokesman, said eMoneyMail is currently aimed at consumers but will be expanded to corporations. For example, companies will be able to use the service to issue rebates.

Although the online money transfer service will use 128-bit encryption security, Bank One still faces security concerns and challenges in moving consumers to an electronic- payment system, said David Potterton, an analyst at Newton, Mass.-based Meridien Research Inc.

"Historically, these programs haven't taken off because most consumers in the U.S. are tied to credit cards" for convenience, Potterton said. They haven't had a compelling reason to switch from paper to electronic payments.

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But eMoneyMail may work because money can be sent to debit cards, which are growing by 20% in overall usage, Potterton said. There is a $1 charge to send money and a $1 fee charged to paper check recipients.

Bank One is the latest company to offer an online payment service. PayPal.com and X.com, which is acquiring PayPal.com, both provide online e-mail payment systems -- but at no charge.

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