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Online Payments

Consumer demand for electronic P2P payment services is on the rise – survey

Friday 30 April 2010 | 11:18 AM CET

Consumers manifest an increasing tendency to adopt electronic person-to-person (P2P) payments, as well as an interest in operating this type of payment transactions via an electronic payment portal (ePayment Portal) , a recent survey has unveiled.

The ePayment Portal was a new product concept tested in the research and is defined as a service provided by a financial institution that allows consumers to transfer money, pay bills, conduct P2P payments, and track all their money movement from a single place online.

According to the research carried out by eCom Advisors and jointly sponsored by FIS, PayPal and NACHA, 70 percent of respondents would likely use the P2P payment services provided within such an electronic portal. Another 50 percent expressed interest in using electronic P2P payments for common needs such as sending money to children at college, sending money out of the country or splitting the cost of a gift with family members, co-workers or friends.

The same study has pointed out that banks need to convert electronic P2P payments into a component of their payment and money movement services in order to encourage adoption of such a method. In addition, a strong connection between banks’ mobile banking services and the electronic P2P portal concepts appears to exist, since 34 percent of those who support the “Portal concept” have claimed that they would be willing to switch to a bank that offers electronic P2P payments as part of an ePayment Portal.

FIS has already integrated PayPal's P2P payment system into its online bill payment application for financial institutions. FIS’ P2P service is set to enable its financial institutions’ customers to make payments from their bank accounts to PayPal users worldwide using the internet or mobile devices.
 

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