RIVERSIDE, Calif. – Altura Credit Union has launched a new service, InstaPay, which it said is designed to make person-to-person cash transfers quick and easy. InstaPay, available through Altura’s mobile app and website, “bypasses the need to download and sign up with third-party services such as Venmo or Zelle,” the credit union said.
Altura CU added that like other cash transfer apps, InstaPay “eliminates the hassle of paying friends back with checks or cash.” Sending money is as easy as emailing or texting, according to Sevan Yakinian, Altura’s Vice President of Member Services.
“InstaPay offers several advantages over our competitors,” said Yakinian. “Most of these apps handle money transfers as a regular electronic transfer, so it can take a day or two for the transfer to be processed and the money to show up in the recipient’s account. Also, many of these apps charge a fee for instant credit. In addition to being potentially instantaneous, Altura is offering the service for free. Plus, the person receiving the cash doesn’t have to be an Altura account holder. They don’t have to download a new app just to receive a $10 payment from a friend.”
Altura CU said with InstaPay, the recipient of the transfer simply supplies the sender with an email address or phone number. When a transfer is sent, the receiver gets a prompt to enter their debit card or bank information, and the money is credited to their account.
Because people generally use these apps for smaller cash transfers, a maximum of $500 per day can be transferred using InstaPay, according to Altura.