Mr. Yang’s winning idea is a new take on the Person-to-person (P2P) payment¬†experience, meaning sending and receiving funds directly, quickly and easily. By attaching the concept of PayPal to ATM/debit cards, Yang presented a plan that enables members to transfer funds through the CO-OP ATM network in real-time.

For example: A credit union member wants to transfer funds from her checking account to her son’s account, who needs money to repair his car. She visits a CO-OP ATM and initiates the P2P transfer from the ATM, logging in with her debit card. She then enters the son’s email-address (or cell phone number) and sends him $500. Wherever he is, he can immediately check his own balance and see he is able to pay for the repairs.

Real-time P2P, how cool is that? Currently, the only real-time money transfer is available through Western Union at a very high cost. This idea can reduce that cost to almost nothing, utilizing the currently available CO-OP ATM network.