P-to-P payments

The shutdown of the U.K. company's Pingit app demonstrates why even the most tech-savvy banks should collaborate with fintechs rather than go it alone.

The nine-year-old service predates the payments-oriented fintechs that have become popular in recent years.

Facebook’s evolving suite of shopping and payment services now includes an option to send funds to another person via Facebook Pay using a QR code.

Technology is moving forward at a pace that could push real-time payments into new settings in the near future, with several countries already using systems that could become models for the U.S.

Taking a page out of the person-to-person money transfer model, health care payments software provider Waystar has added a text messaging option for patients to pay their bills.

The amount of money repatriated by Filipinos abroad fell last year for the first time since 2001 as the pandemic upended the global job market.

JoomPay has launched a new P2P service for money transfers across Europe, operating as a socially focused spinoff of the Joom e-commerce marketplace.

Ireland is one of the few European countries without a domestic real-time bank transfer scheme, and the fintechs are rushing to fill that gap.

Many financial institutions have made initial moves into real-time payments via P2P services, and the use cases will jump over time, says Fiserv's Matt Wilcox.

PayPal’s Venmo has launched a new “Cash a Check” feature on its mobile app to some customers. The offering is made in partnership with Ingo Money and its parent, First Century Bank.

Libra is distancing itself from Facebook not only through a name change, but also by attempting to draw attention toward its digital payment rail instead of the creation of alternative money.

Just months after revealing it was testing lending directly to consumers through its Cash App, Square says it is buying the tax business of Credit Karma to bring tax preparation to Cash App customers.

JoomPay Europe S.A. is launching a person-to-person payment app throughout Europe that it says will give consumers an instant money transfer tool similar to what U.S. residents have in Venmo, Square Cash and Zelle.

Xoom, PayPal’s international remittance unit, has launched a direct money transfer feature for its U.S. customers to send funds domestically to bank accounts and debit cards.

It will take years to fully complete the project, but Mastercard has announced the availability of real-time account-to-account corporate payments for U.S. firms through its Mastercard Track Business Payment Service (BPS), with plans to add cross-border payments next year.

Crypto played a key role in Square's 140% year-over-year growth in revenue for the third quarter — and 212% growth in gross profit for the Cash App alone.

It is a frustrating reality during a time of national crisis that emergency payment options for vulnerable populations remain such a complex and inefficient landscape, says Flourish Ventures' Sarah Morgenstern.

Reflecting the rapid transition to digital payments, PayPal has reported its strongest growth in total payment volume and revenue in its history, coupled with strong growth for Venmo, its P2P app.

The person-to-person network is being used more often for purchasing, with consumer payments to small businesses up sharply.

Though the COVID-19 pandemic continues to stifle economic growth globally, Western Union again pointed to its fast-growing digital services as key to keeping the company on a positive trend.