Scuffling with Disruptive Competitors In The Race For Mobile Payment Solutions And P2P

The world which we live in has been transforming dramatically and this certainly includes payment options. while banks used to be the top players in this industry, other outlets are jockeying for position in this race as well. Mobile payment solutions as well as P2P payments are heating up the race to get to the front of the line. These new services are becoming increasingly important, as with other changes in society, people are increasingly looking for convenience. P2P payments allow the customer to make money transfers from their accounts to any other accounts they choose. this includes making transfers over the internet as well as by mobile phones. The P2P payments options and new mobile payment solutions have made transferring funds to others and paying bills (touch free payments) an even easier task than before. while this is great for customers, there are some industries that are quite unhappy with the new means of doing business. Banks and credit-card companies are none too happy with these new advancements. Credit-card companies depend on the customer usage that makes their business tick. However, this is good news for the credit card users who are forced to pay high interest rates and swipe fees that handle both credit purchases and debit purchases. though P2P options have been around for a long time (PayPal being the best example), and with online banking becoming a routine that is very widespread, e-commerce is finding better uses for P2P methods, and banks are now finding ways to adapt to this new financial player. While P2P is working its new magic, mobile payment options are carving out their niche as well, helping to redefine commerce. Investment companies, partly due to recent tech advances, are highly excited about mobile payment options. Credit-card companies are also battling against this new advancement as well. this is because more and more people are opting to make payments and transfers instead of using the credit cards that they used to use. while no mobile payments or P2P options have come into the mainstream yet, it is only a matter of time before that happens. it has already occurred in Europe, so America will not be far behind. this will give banks and credit-card companies time to regroup and come up with a plan to either stall the progress or find a way to join in, so they too can cash in on these new technologies. Battling Disruptive Competitors In The Race For Mobile Payment Solutions And P2P [l]