A new update to the Shazam Bolts mobile app offers debit cardholders a person-to-person money transfer service and an interactive ATM locator, according to a Shazam Network press release.

The P2P feature lets Shazam Bolts cardholders send money to other enrolled cardholders instantaneously. According to research firm Forrester, P2P transaction volume is expected to grow to $17 billion by 2019.

"While other P2P solutions use ACH to support their transactions, we're using our Shazam debit rails, resulting in a much faster transaction," said Terry Dooley, Shazam executive vice president and CIO. "A user can easily determine whether an intended recipient is enrolled simply by entering the recipient's email address into the app."

Shazam also has integrated GPS technology into the mobile app to help cardholders in the U.S. locate nearby ATMs. Users can determine whether the ATMs are surcharge-free "Privileged Status" terminals and get directions.

Shazam Bolts was launched in 2013 as an extension of Shazam fraud-prevention services. The app alerts debit cardholders about potentially fraudulent activity on their accounts based on:

•purchases that exceed cardholder-specified amounts specified;

•card-not-present transactions; and

•suspicious or high-risk transactions.

Shazam Bolts can be configured to match a financial institution's branding, including their name and logo. A web version is also available for cardholders who prefer to access the tool from a desktop computer or mobile browser.