p2p payments- shared economy
Post on 16-Apr-2017
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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
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
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
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.
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.
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
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