P2P Payment
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= " informal payments made from one person to another".
Status
From a report from BI Intelligence:
"We estimate that US annual peer-to-peer (P2P) payments — informal payments made from one person to another — reached over $US540 billion in 2014.These payments were made by cash, check, digital money transfer, or other means.
- Mobile P2P payments are having a huge impact on this informal economy and diminishing the need for cash and checks. We forecast that mobile P2P payments will grow to $US174 billion during the same period. That means that 30% of P2P volume will be paid via mobile, up from 1% last year.
- There are four types of businesses making major moves in mobile P2P payments: social messaging companies, banks, card networks, and other payment companies. Each of these types of companies has its own objectives and strengths in offering mobile P2P payment services which we explore in the report."