People have engaged in person-to-person (P2P) payments for centuries–beginning with the barter system, through the invention of money and checks, and in the digital age, in which funds can be exchanged electronically via online and mobile applications. The size of the U.S. P2P payments market is driving intense competition between financial institutions (FIs) and alternative P2P payment services. Many FIs now offer P2P payment services as part of their overall digital banking experience in an effort to remain at the center of the consumer’s financial life. Alternative P2P payment services offer innovative digital P2P payment experiences to attract consumers, build a strong customer base, and drive revenue through other value-added products and services. Although digital P2P payment capabilities have been around for at least a decade, they have been slower to take off with consumers than media coverage might suggest, and research reveals that the digital P2P payments business is the FIs’ to lose.
PaymentsSource has chosen Early Warning's Lou Anne Alexander as one of the 2017 Most Influential Women in Payments! Each year, PaymentsSource honors the women who are driving change by taking risks with new ideas and investments, and developing the technology that will forever change the way people handle money. Congratulations to Early Warning's group president of payments solutions, Lou Anne Alexander, for being included in this prestigious list.