Cost: 95 cents, paid by sender.
Whom you can send to: Anyone with a mobile phone number or email address.
How: Users can access the service through banks' apps and mobile sites. Those whose financial institutions don't offer it can still use Popmoney on a third-party basis through the Popmoney app or Popmoney.com.
Limits: If not requested by another user, $500 per day and $1,000 per month if drawn from a debit card; $2,000 per day and $5,000 per month if from bank account to bank account. You can request $1,000 per day and $2,500 per month. You can also pay requests through Popmoney of up to $2,500 per day and $4,000 per month.
Speed: After a request is accepted, the money will appear as early as the next business day for transfers through a debit card and three business days for transfers through a bank account.
Whom it's for: People who want to make peer-to-peer payments through their banks.