Payso is a mobile payment platform that makes it easy to send and share money with friends. It helps users to split the bill at dinner, organize epic festival trips, plan parties, collect money for their sports team, pay a friend back for a taxi ride, chip in for mom’s birthday present and everything in between.
TransferWise is a P2P money transfer service that allows foreign students and businesses to transact money globally. The firm's pricing and operating model are a substantial departure from the standard practice in the money transfer sector, providing customers with a lower-cost alternative to traditional means of moving money internationally.
Square Cash is a free P2P payments platform owned by Square, a credit card processing and payment solutions company for businesses. Square Cash is unique in a way because it has a feature called “Cashtags.” With cashtags, one can easily make a P2P transfer using the link: www.cash.me/$cashtag. The “Nearby” feature within the app allows a user to send money using Bluetooth low energy (BLE).
PayPal is a global online payments company with existence in 203 markets and 169 million active customer accounts. In September 2015, PayPal also launched its new peer-to-peer service, PayPal.me, in an attempt to make person-to-person payments simpler and social.
Venmo is a payment platform used for P2P payments within the Venmo mobile app or within Venmo’s website. One can link their Venmo account to bank accounts, debit cards or credit cards. The money received via Venmo is stored as “Venmo balance” and it can be transferred to the bank account at any moment. A user can deposit the Venmo balance free of cost via the app or the website to his or her bank account.
In September 2015, Google re-launched Google Wallet as a P2P payments mobile app. Google rebranded Google Wallet as an exclusively P2P payments app that allows sending money instantly using just a phone number.
Founded in 2008, Dwolla enables real-time payments by offering a real-time payments system and payments network to participating individuals and financial institutions. In June 2015, Dwolla removed all the fees on P2P transfers with monthly limits for each account.
clearXchange is the first P2P payments network created by a few of the biggest banks in the US that included Bank of America, JPMorgan Chase, Wells Fargo, US Bank and Capital One. Around 7500 financial institutions are a part of clearXchange’s network and more than 100 million online banking customers in the US can access clearXchange’s P2P platform.
Popmoney by Fiserv is a P2P payments platform for consumers and a P2P payments integration solution for financial institutions. Popmoney P2P payments services for financial institutions are provided by Fiserv Inc. More than 2400 financial institutions are using Fiserv’s Popmoney services to enable P2P payments for their end customers.
One of the leading global banking solutions provider, FIS, entered the P2P payments space in 2013 with its product called People Pay, which uses PayNet, a real-time payments network owned by FIS and NYCE (the electronic fund transfer switch owned by FIS to help financial institutions make P2P payments available to their end customers).