Popmoney®
Person-to-person (P2P) payments represent a major new trend in electronic payments and an exciting new opportunity for banks.
Demand for online payments is growing at an unprecedented rate – both among consumer and small business customer segments. After more than a decade of positive experiences with online banking, bill pay and money movement services, customers are demanding new payment solutions, particularly the ability to send payments easily and securely to friends and family.
Email and mobile P2P payments, offered from within a bank's online and mobile banking channels, represent the natural next step in an innovative financial institution's online and mobile banking strategies.
The convenience and security of using a service offered in the context of one's existing banking relationship is a compelling value proposition for consumers.
And bank customers have indicated that they would prefer to use such a service from their bank. According to our consumer survey, a staggering 77% of consumers would prefer to use a P2P payments service offered through their bank compared to an independent service, such as PayPal.
P2P payments also offer significant advantages for banks, including the ability to generate new transaction-based revenue, attract new customers and increase loyalty. Banks will also help support the adoption of their core online and mobile banking channels, which already represent huge priorities and investments for most institutions.
