These applications provide online P2P/C2B payments with or without checking accounts and debit/credit cards. It ensures that merchants have the necessary PoS (Point-of-Sale) acceptance provision. Several banks consider deploying mobile payment applications to customers. Their industry applications include fields like retail, travel and tourism, hospitality, logistics, energy, utilities, etc.Ĭompanies looking to develop a mobile-based peer-to-peer money transfer system can consider developing one of the four types of business applications. Peer-to-peer mobile payment solutions vary as per the requirement of the work areas, such as airtime transfers, travel and ticketing, and merchandise and coupons. Business models of p2p payment applications Now, technologies like smart contacts make it possible to make secure payments via a smartphone app. They offer cheaper transaction provisions as compared to their traditional counterparts. P2P Cross-border Money Payment Application These platforms are more beneficial for investors looking to monetize their funds in fragments.Īlso Read: The Impact Of Blockchain Technology On Peer To Peer Lending P2P lending platforms enable users to avail of repayable microloans at lower interest rates than banks. They eliminate intermediaries, such as banks, and brokers, which results in up to 90 percent cost savings on international exchange and transfer fees. Person-to-person foreign currency exchange applications aim to bring users together worldwide. Business applications designed to serve this purpose P2P FX (Foreign Exchange) P2P payments are not only limited to geographical locations, but users can also perform cross-border transactions.
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