CSCU recently published "A Comprehensive Look at Person-to-Person (P2P) Payments" white paper.
In the brief, CSCU's Director of Payments Strategy, Lou Grilli believes that "There is a growing demand to eliminate the need to make a trip to the ATM and then carry and hand over sometimes large sums of cash. This void has been filled by many vendors who now offer solutions to family and friends who must share the cost of rent, utilities, food bills, gift purchases and vacation costs," he added.
Grilli explains that P2P solutions come in two different types: bank-centric, that is, provided by a credit union or bank, or more specifically by a vendor to the financial institution, and non-bank centric, where the P2P solution is not affiliated in any way with financial institutions. He then goes further to discuss other solutions, how payments are funded and how payment transfers are accomplished.
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The brief provides credit unions with an in-depth look at available digital wallet solutions, the vendors who provide them, and how their solutions facilitate P2P payments. It also looks at the non-bank centric options – PayPal, Venmo and Dwolla; the bank centric ones – Zelle and Popmoney; and the social media options – Snapcash, Facebook Messenger, Google Wallet and Square Cash.
"Only time will tell which of the options will dominate P2P payments, and more importantly, replace cash and personal checks with a seamless, intuitive and secure method of payments," Grilli says. Until then, the new brief provides clues based on who's ahead in the market using information on four categories – mobile app, recognition, sharing/social and fees.
To download this and all other white papers/research briefs from CSCU please visit www.cscu.net/whitepaper.
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