Peer-to-peer payments solutions have emerged as a key battleground in the financial services. With the potential to put the customer at the center of a fast, convenient and personalized experience, P2P is attracting a growing number of new market entrants from fintechs to GAFAM-BAT (Google, Amazon, Facebook, Apple, Microsoft – Baidu, Alibaba, Tencent) players which have the strategy, infrastructure and budget to engage consumers through multiple channels and services. But banks are rising to the challenge and they hold a key advantage: consumers want a streamlined, integrated P2P experience that is tied to their bank accounts.
In this white paper, we look at the current state of the P2P arena to identify the opportunities facing banks and the challenges they need to overcome.
An overview of some of the best P2P payment apps around the world provides insight into what is already being achieved as companies weave their services into customers’ lives through integration with messaging and social media platforms. We also consider the threat posed by GAFAM-BAT players across the world, providing insights into why Asia’s BAT companies are leading the way with innovative and integrated P2P services.
Partnership is essential for banks to succeed in this highly competitive arena. The white paper includes examples of how banks are partnering with new entrants to create the P2P experiences consumers want, combining the latest in payments innovation with additional services that truly engage the customer as part of their daily life.
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Keywords : GAFA/New competitors , Digital payments/Wallet , P2P payments/Money transfer , Fintech