Mobile and online person-to-person (P2P) payments are growing in popularity, especially among millennials and younger generations. Currently, consumers make most of their mobile P2P transactions through fintech platforms. Through an instant payment network like the upcoming FedNowSM Service, financial institutions could reimagine P2P payments to allow their customers to make a payment through their online and mobile portals.
Our article, “Instant payments could help financial institutions capture a piece of the P2P pie,” answers the following questions:
- What is a P2P transaction, and how can individuals make one?
- How does the current P2P landscape impact financial institutions?
- How could instant payments shift the P2P space for financial institutions?
- What are the steps financial institutions can take to begin achieving this vision?
Find additional instant payments educational resources in this issue of Fed360® by reading the “Get ready for instant payments” article. Visit the FedNow Service section of our website to learn more about the benefits it can provide to financial institutions and the people and businesses they serve.