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Mobile has become a vital transaction channel for financial institutions, retailers, and their customers. The rising popularity of mobile payment features has proven beneficial for credit unions and financial institutions. Mobile banking, mobile commerce, and mobile payments present major advantages and opportunities to early adopters.
With a lot of consumers turning to mobile banking, mobile applications have become a product service, for services such as checking balances, analyzing transaction history, locating an ATM, and transferring funds between accounts. Earlier mobile banking applications were focused on providing information rather than allowing transactions from a mobile device. However, as mobile devices developed (P2P) transfers, mobile bill payments, and mobile fraud alerts emerged as novel services, they gave additional opportunities to offer plenty of scopes to create new value-added services.
Consumers are placing more value on the payments capabilities embedded in their mobile banking apps, mainly when it comes to person-to-person (P2P) payments. Conventionally peer-to-peer payments required writing a check or going to the ATM, but currently, P2P applications are leading us to a more cashless economy.
However, the P2P market is more fluid, and users can effortlessly migrate from one service to another if they find a better service than the current one. P2P is creating an improved way for people to pay, and at its very core, needs to be comprehensive. Simultaneously it needs to be secure, seamless, and instant so that the provider can meet the consumers’ requirements. Moreover functioning with banks, social media, and app developers, digital P2P will replace cash and check payments by the end of this decade.