Emerging payments are beginning to gain traction among community banks. Many community banks are investing in emerging technologies such as mobile payments and electronic person-to-person (P2P) payments as a way of offsetting lost revenue. The 2011 ICBA Community Bank Payments Survey found that 14 percent of community banks surveyed offer mobile payments services, an 8 percentage point increase over 2009. Additionally, another 47 percent planned to offer mobile payments to consumers by 2013 (an increase of 20 percentage points over 2009).
While more community banks already offered electronic P2P payments (27 percent offer, 33 percent planned to) and consumer RDC (25 percent offer, 20 percent planned to)in 2011 than mobile payments, the overall growth rate by 2013 (according to the 2011 findings) might be slower than mobile.
Keywords: Mobile payments, person to person payments, P2P
Staff Contact: Cary Whaley
|11/04/2014||American Express Launches Tokenization Platform||NewsWatch Today|
|10/21/2014||Apple Launches Apple Pay||NewsWatch Today|
|10/20/2014||Apple Pay, QRM Rule Mark Big Week in Banking||NewsWatch Today|
|10/17/2014||Apple Pay Launching Monday||NewsWatch Today|
|11/01/2012||ICBA Tech Survey: More Community Banks offer Mobile Banking||News Release|
|10/16/2012||ICBA Offers Consumers Mobile Banking Safety Tips||News Release|
|10/01/2012||Person-to-Person ACH Payments||Letter to Regulators|
|06/01/2012||2012 ICBA Community Bank Technology Survey|
|05/01/2012||Trends and Opportunities in Payments||ICBA Bancard|
|06/01/2011||2011 ICBA Payments Survey Executive Summary|