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Altura Credit Union launches InstaPay™ for quick, easy cash transfers

RIVERSIDE, CA (October 17, 2018) — Altura Credit Union has launched a new service, InstaPay^TM, to make person-to-person cash transfers quick and easy. InstaPay^TM, 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.

Like other cash transfer apps, InstaPay^TM 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^TM 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,” he said.

“In addition to being potentially instantaneous, Altura is offering the service for free,” Yakinian pointed out. “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.”

With InstaPay^TM, 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.

“Since its roll out in July, Members have embraced this easy way to move money,” Yakinian said. “They love the convenience.”

Because people generally use these apps for smaller cash transfers, a maximum of $500 per day can be transferred using InstaPay^TM.

For more information, visit AlturaCU.com, or call Altura Member Services at 1-888-883-7228.