Consumer-to-consumer payments are largely reliant on cash and checks in many markets around the world. (China and India are large markets but notable outliers.) Paper-based payment types are slow, insecure and inefficient and do not offer the flexiblity required to participate in other P2P financial services.
Goals and Objectives
To provide retail bank customers with access to electronic payment networks through their mobile devices that make personal, P2P payments convenient and simple. Eventually, those P2P networks may turn into opportunities for other payment types (e.g. disbursement) or even financial products (credit, insurance).
- Biometric authentication
Use Case Summary
P2P payments enable the customer to pay anyone, from anywhere, anytime. Small business commerce (a separate but potential product) can be conducted without the inconvenience of check-based transactions or the need to visit the branch to deposit the day’s proceeds. Additionally, payments from businesses to consumers (disbursements) can be added to these new networks.