Friday, May 3rd, 2019
European payments vendor is working on standardising mobile P2P. What are you considering for your own business? Are you working with the right payment specialist to take your business to the next level with ease? No worries! This article is here to help you with all these things.
Payments Market in Europe
Mobile person-to-person (P2P) payment services market is enhancing rapidly thanks to the advances in technology. The field offers a great variety of opportunities, which are growing exponentially. This is based on the fact that smartphones and other electronic devices are just omnipresent.
Now, the global mobile commerce or m-commerce payments market has several segments such as peer-to-peer transfer payments, near field communication m-commerce payments, as well as barcode m-commerce payments.
In 2017, the peer-to-peer transfer payments segment made up US$2.68 bn or 45.1% of the overall demand. The demand for P2P transfer payments is growing with rapid advances. The P2P landscape was falling into fragments based on different rails and contradictory standards.
EquensWorldline, pan-European payments and transaction services provider, has introduced its domestic interoperable P2P mobile payment scheme that’s available within the continent. EquensWorldline is using the SEPA Proxy Lookup (SPL) protocol. The latter allows for exchanging data necessary to complete mobile P2P payments by connecting a mobile phone number to an international bank account number (IBAN).
European Payments: P2P
As you know, P2P payment is an online technology with the help of which users can transact funds from their credit card or bank account to account for another person through the Internet. Its operation is based on the PayPal method where users with a trusted 3rd-party vendor build the protected connection of accounts, assigning their credit card or bank account data for accepting and transferring money.
Are you interested in secure and cheap payment transaction? The best way out is to turn to a respectable payment comparison company like Best Payment Providers in the UK that can help you with European payments, and not only.
Best Payment Providers is dedicated to helping merchants enjoy the cheapest merchant services. Best Payment Providers delivers free consultation and reviews contracts, rates, and fees so to help you get the best deal for your business.
Integration requirements are no less important than fees and customer service, so Best Payment Providers never fails to check each processor’s integration process so to ensure you’re enjoying a smooth transition and onboarding process.
Today, consumers are increasingly accepting the use of online banking, mobile banking, and e-commerce solutions. This paves a path for greater use of person-to-person payments. In addition, given smartphones and tablets are turning into an incredibly widespread mode of everyday applications, Venmo and Google Wallet are developing features to help customers use P2P payments.
With that being said, the P2P market is experiencing growth due to the increased use of online shopping and banking applications. According to Michael Steinbach, CEO of equensWorldline, each country has or is creating its own domestic solutions. Thus, it’s critical to develop a user-friendly pan-European payment ecosystem, which provides smooth processing for both cross-border and domestic payments.