iPay Says P2P Payments Popped to $1.2 Billion in Second Half of 2012
Jack Henry & Associates said its iPay Solutions person-to-person payments service processed more than 1.8 million payments totaling more than $1.2 billion in the last six months of 2012.
The Monett, Mo., company said more than 1,900 credit unions now are among the more than 2,700 financial institutions using the iPay Solutions bill pay platform in which the P2P functionality is integrated.
The company said that from October through December, it saw a more than 38% increase in P2P users and more than 37% increase in payments compared to the same quarter from the previous year. The average payment amount per transaction also increased to $719, iPay Solutions said.
“We have clearly seen exponential growth in the number of subscribers and transactions as well as transaction amounts for the last few years,” said Greg Adelson, group president of iPay Solutions.
“We believe the ongoing evolution of mobile devices and their prevalence in daily financial management will surely support a significant rise in P2P adoption,” he added.
Jack Henry bought iPay Technologies of Elizabethton, Ky., in mid-2010 and made it part of the company’s ProfitStars division. It introduced the P2P service as a standalone option that September, branding it TheWayiPay.
Jack Henry also owns Symitar, a provider of core processing solutions to about 790 credit unions.