P2P Payments- Shared Economy
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World of P2P payments and new business opportunities
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P2P Payments- Shared Economy
- 1. Person to Person Payments How Peer-To-Peer Payments Services Are Improving The Way We Pay By: Jaiveer Singh Twitter : @singhjaiveer Blogs : www. jaiveersingh.com
- 2. P2P Payments Traditional Methods of P2P Payments Cash Check Bank Transfers
- 3. P2P Payments Market & Use Cases • Global P2P market is over $1 trillion • Mobile P2P Payments are growing and replacing traditional ways such as Cash, Check and Bank Transfers Source: BI Intelligence Report Household / Family • Pocket Money Transfers • House rent to landlord • Tuition Fee • Childcare • House/ Garden Maintenance • Gifts on Birthdays/ Festivals • Pay for used goods purchases • Reimbursing security deposits Friends/ Acquaintances/ Community • Roommates sharing room rent • Split Bills for • Taxi Rides • Dinner/ Drinks • Entertainment Events • Group Travels/ Sports • Group Savings • Pooling money for a cause • Pay for used goods purchases • Gifts on Birthdays/ Festivals • Personal borrowing/ repayments
- 4. Changing consumer behavior in the digital age The three waves of the digital age, leading to consumer power • Increased Mobile Phones affordability • Increased access of internet & lowering costs of data plans • Increased adoption of social media (FB, Whatsapp, WeChat, Twitter) Current trends suggest that mobile social users in APAC will exceed 1 billion by Q4 2015. Source : IAB, Singapore Digital in Asia Pacific, Mar 2015
- 5. Few Leading P2P Service Providers
- 6. P2P Payments Impact & Opportunity for Banks Opportunity for Banks • Avoid erosion of Brand equity and customer loyalty to other players • Mitigate migration of balances and banks fees from traditional accounts to stored value mobile wallets. • The “always on” and “always with me” mobile consumer behaviors enable Banks to maintain constant customer interactions & visibility into consumer needs. • New acquisition tools through increased access to consumers – new to credit or unbanked. • P2P payment brings more consumers to Banks mobile platforms for value added services such as • Products cross sell • mCommerce (in-App purchases) • mCoupons/ Loyalty points • Mobile Ads/ Partners Deals • P2P payments are helping nation to move towards cashless society. • P2P Payments convenience changing consumers behavior & expectations from Banks.
- 7. India Market – Key Developments • Major initiatives rolled out to increase Financial Inclusion cover under Vision 2022. • 11 new payment banks license to promote payment access & convenience • Mobile Wallets surpassed credit cards volumes in country. • All leading banks & mobile wallets providing P2P payment service (SBI, ICICI, HDFC, Axis Bank) • P2P Payments service promoting cashless society and supporting economic growth further. Few Key Players (Banks & Non Banks providing P2P Payments Services via popular channels in India.
- 8. Startups building solutions for FI may get in touch for mentoring/ advisor support at Email: LetsTalk@JaiveerSingh.com Jaiveer Singh • Senior IT Leader with global experience • Fintech Mentor & Connector • Financial Inclusion Advocate • Blockchain Technology Fanatic • Previously served GE Capital, Axis Capital, Orix Finance, ICICI Bank, Shinsei Bank, Deutsche Bank