Jack Henry & Associates said the person-to-person payment platform for its iPay Technologies service has now reached more than one million users.
Of the Monett, Mo.-based company’s 11,200 financial institution customers, 2,346 use the P2P service. The P2P solution has processed almost eight million payments since it was introduced under iPay seven years ago, including more than 600,000 during the first quarter of 2011, the company said.
“These exchanges are much more meaningful than their perceived small-scale per transaction amount such as reimbursement for splitting the check at lunch,” said Bill Ready, president of iPay Technologies in Elizabethtown, Ky.
“Financial behaviors have evolved to now dominate a preference for online payment options, and achieving one million P2P users is evidence of the value that electronic payments are finding in consumers’ daily lives,” Ready said.
The company also now offers a standalone P2P solution, TheWayiPay, which was introduced last year separate from the iPay online bill pay suite.