With mobile P2P payments representing a fast growing consumer demand globally, 12 of Hong Kong’s leading financial institutions and ATM network Jetco have announced a new mobile based P2P payment services that will allow consumers of the participating banks to transfer funds using just the recipient’s mobile phone number. In the future, the consortium hopes to make the system available with functionality extended to online and physical POS terminals.
Commenting on the announcement, Jetco chief executive Angus Choi said,
“As a bank consortium, Jetco is able to offer an interbank P2P platform that can be shared by our member banks, helping them lower investment costs while giving them access to our sophisticated and proven technology built on Jetco’s existing ATM infrastructure. This will help our member banks launch their P2P services more quickly.”
Around the world, mobile P2P payment services are increasingly demanded by consumers looking to easily make mobile based money transfers. While the success of these services is mixed, alternative payment service providers have been quick to introduce P2P systems and now established financial institutions must similarly introduce systems or see transaction volume shift away from the bank permanently.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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