New Services Emerge from Internet P2P Payments

Monday 8 March 2004 17:02 CET | News

The casualty list of financial services companies providing Internet person-to-person (P2P) payments is long and sometimes illustrious.

Yet, much of what has been labeled P2P was never actually dominated by payments between consumers. Instead, online auction payments - which spurred development of the Internet P2P market - represent largely consumer-to-business (C2B) transactions. While the opportunity in online auction servicing remains clear, PayPal, as part of eBay, has been able to corner the lions share of that activity. As a result, the P2P market has undergone a metamorphosis to become the foundation of a variety of new and expanded services, including international remittance payments and account-to-account (A2A) funds transfer. Theres also been a broad shift in focus away from P2P toward consumer-to-business e-commerce and bill payment transactions. In TowerGroups new research titled, Finding a Market: Repositioning Internet P2P Payments via Remittance Services, Account-to-Account Transfers and Micropayments, TowerGroup, examines recent developments and market potential of Internet P2P payment services. The report also provides an overview of the providers and opportunity in what TowerGroup views as the core areas for growth: international remittance; account-to-account transfers; and micropayments.

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Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce