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