5 Payment Mechanisms Set to Go Mainstream in the Next 2 Years
P2P payments are most often used by consumers to split rent or utility payments or to even split a check for dinner. Typically money can be transferred between people by sending a simple message using a smartphone app, text messaging or email. Many banks like Bank of America facilitate such P2P payments between their customers. Furthermore, specialized apps like SnapCash, Popmoney and Dwolla allow users to send money to their friends using their smartphones.
Most service providers supporting P2P payments charge a very low fee or no fee at all, depending on specific transactions. This has led to the increase in popularity of such services. P2P payment transactions currently account for about $13 billion annually, and this amount is set to grow over the next few years.
Over to You
The payment processing scene is finally witnessing some huge strides beyond the incremental changes seen over the last decade. Are you an online retailer? What movement have you seen in payment methods in your neck of the woods? What payment systems do you think will shape the future of retail? Please comment!
Rohan Ayyar is the regional marketing manager for India at SEMrush. His blog, The Marketing Mashup, covers digital marketing from the perspective of B2B, B2C, lead generation, mobile marketing, SEO, social media, content marketing, database marketing including predictive analytics, and conversion rate optimization. In addition, he'll look at emerging marketing technology and how marketers can use it. Reach Ayyar at email@example.com.