Jack Henry Associates, a technology and payment services provider, has partnered with Visa to work on speeding up person-to-person (P2P) payments.
According to Jack Henry, the P2P payments hit $375 billion around the world and by 2020 the US market alone is expected to hit $200 billion. The company says this increasingly valuable industry means companies must take the initiative and add benefits such as faster payments.
Visa will use Jack Henry’s solutions to allow recipients to receive funds on the same day or one day sooner based on the institution’s funding model. Customers can use their debit card number instead of account or routing numbers.
Greg Adelson, general manager of the JHA Payment Solutions group, commented, “P2P payments are fundamental to today’s financial experience. They help roommates pay bills and friends share expenses; they’re part of the everyday commerce that banks should own.
Earlier in the year, customers at US Bank and Bank of America started to make real-time P2P payments. The payments move over the clearXchange network, initially formed by a number of US banks including US Bank and Bank of America alongside Capital One, Wells Fargo, Chase back in 2011 to process P2P payments from email or mobile numbers.
Starting from November, the Chinese mobile payments giant Alipay will be available to Chinese consumers in California and New York.
Visa is working with Intel to bring payment and data security technologies to connected devices
This infographic is a snapshot look at the mobile industry and explores who the key players are, how their technology works and who uses them.
This week, Circle rolls out its social payments app in Spain and Ireland allowing customers to link any Spanish or Irish bank account to Circle to send and receive P2P payments to friends and family within their countries and across borders instantly.