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6 country wide P2P apps by Councils, 3rd party or Groups of Banks around the world

The rules of the game are changing with changing customer behavior. How can Banks & Fintech incumbents create an enhanced mobile experience for the connected consumer of today? Will the banks be able to compete with nimble startups and aggressive payment tech firms in the Mobile Commerce and peer to peer transfers race?

Banks have been a little late to the party, but it seems to me that they are catching on. We have seen hundreds of banks across the world launch mobile banking and other apps that are beginning to see adoption go high. But what has been interesting to see is formation of councils and consortiums of banks such as Paym in UK and NPCI in India to deliver nationwide peer to peer transfers and payments. Some of the mobile payment apps offered by groups of banks, consortiums, councils or even third parties (building for banks) have been discussed below.

ClearXchange: It is the first network in the U.S. created by and for financial institutions that lets customers send person-to-person (P2P) payments. Using either mobile number or email ID, customers can transfer funds using their savings and checking accounts without using account information. It started as a venture by three U.S. banks i.e. Bank of America, JPMorgan Chase and Wells Fargo.

The ClearXchange service does not move funds. Instead, it ju ...

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