Consumer-to-consumer payments are largely reliant on cash and checks in many markets around the world. Paper-based payments are slow, insecure, and inefficient and do not offer the flexibility required to participate in other P2P financial services.
Goals and Objectives
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 (e.g., credit and insurance).
Mobility and biometric authentication
Use Case Summary
P2P payments enable the customer to pay anyone, anywhere, and anytime. Small business commerce (which is 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. In addition, payments from businesses to consumers (disbursements) can be added to these new networks.