Independent Banker - February 2018 - 73
Nuts & Bolts
PAYMENTS TECHNOLOGY OPERATIONS
PAYMENTS EXCHANGE
The rise of mobile p2p
Mobile person-to-person payment options are changing the way money
moves. Here's how community banks stand to benefit.
By Colleen Morrison
R
emember the days when you went out to dinner with a few friends and one person picked up the tab,
leaving the rest of the group hunting in their pockets for cash or pulling out the checkbook to pay
their share? Those days are gone.
According to Bank of America's 2017 Trends in Consumer Mobility Report, " the exchange of funds
through p2p [person-to-person] is the new social 'norm,' ultimately replacing the IOU. " With millennials
leading the charge and Generation Z following in their footsteps, the mobile portion of the p2p payments
market could reach $97 billion this year, according to BI Intelligence. Venmo, PayPal's social payments platform,
processed about $9 billion in payments in Q3 2017, up 93 percent on the same period of the previous year.
" p2p is critically important, but the problem is that it's not a good revenue model from a direct economic
standpoint, " says Chris Nichols, chief strategy officer at CenterState Bank, a $10 billion-asset community bank
in Winter Haven, Fla. " But we look at it from the future standpoint. In the long run, p2p will be the flagship
application in any platform. "
Despite its potential, many community banks haven't jumped on the p2p bandwagon. A recent study from
independentbanker.org
ICBA Independent Banker 73
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Independent Banker - February 2018
Table of Contents for the Digital Edition of Independent Banker - February 2018
Table of Contents
Independent Banker - February 2018 - Intro
Independent Banker - February 2018 - Cover1
Independent Banker - February 2018 - Cover2
Independent Banker - February 2018 - Table of Contents
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Independent Banker - February 2018 - Cover3
Independent Banker - February 2018 - Cover4
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