P2P payments


Also found in: Dictionary, Financial.

P2P payments

(Peer-to-Peer payments) A non-credit card system for transferring cash from one party to another. Funds are debited from the user's bank account and credited to the recipient's account. Examples are Google Wallet, PayPal, Snapcash, Venmo and Bitcoin.
References in periodicals archive ?
In contrast, POPmoney is a service that enables banks to directly offer their customers P2P payments. People that bank with financial institutions that offer POPmoney can leverage their existing accounts and relationships to send and receive money.
digital P2P payments will be driven by the launch of new payment services from
IME Pay is also poised to effectively address G2P, P2G and P2P payments, including direct disbursement of social protection payments to beneficiaries in rural/underserved locations.
In October, Zelle announced a surge in Q3 payments, resulting in more than 60 million real-time P2P payments, valued at $17.5 billion.
SocialPay[TM] gives their Members the freedom of seamless, instant, secure, P2P payments, group payments, and merchandise purchases uniquely providing Good Funds, Same Day[TM].
"P2P payments specifically are growing by nearly 50% year over year, making it critical for credit unions to offer leading-edge technology in this space.
Whether a user is managing his or her business' finances, tracking personal spending, making P2P payments, switching a debit card off when it's not in use or all of the above, SmartApps are about making banking easy, regardless of the device being used.
P2P payments are expected to grow from $5 billion in 2014 to (http://bits.blogs.nytimes.com/2014/11/17/u-s-mobile-payments-market-to-boom-by-2019-research-firm-says/) $17 billion by 2019, according to a Forrester Research study released in fall 2014.
In addition, Emirates NBD launched P2P payments to its customers via MePAY, RAK Bank launched ATM card-less cash withdrawals, while Mashreq also embarked on several ventures to build P2P services, such as Property Mart and SMEXchange.
In the payments space we saw EmiratesNBD launch P2P payments to its customers via MePAY, and RAK Bank launched ATM cardless cash withdrawals.
bulk transfers purchasing e-float, depositing excess cash in their accounts etc.topped by 41 per cent share followed by P2P payments and Bill Payments and Mobile Top-ups with 35 per cent and 11 per cent shares respectively.
Three distinct models for P2P payments have emerged.