![\"Mobile](\"https:\/\/blogs.scu.edu\/finis\/files\/2017\/01\/blog-2-Mobile-payment.png\")
<\/p>\nSmartphones are more ubiquitous than ever, and the number of mobile payment options available to consumers is increasing. Bloomberg Technology noted, \u201cby 2019, eMarketer estimates that the total value of transactions made by tapping a phone on an in-store terminal will reach $210 billion, up from $8.7 billion in 2015.\u201d<\/p>\n
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There are four types of businesses making major moves in mobile P2P payments: social messaging companies, banks, card networks, and other payment companies. Each of these types of companies has its own objectives and strengths in offering mobile P2P payment services.<\/p>\n
Major banking institutions, such as JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. and U.S. Bancorp, have a created a joint venture called clearXchange that allows customers to transfer funds instantly to another bank account through their phones.<\/p>\n
Social media and messaging apps have also joined. Customers can pay using social media apps Facebook Messenger and use WhatsApp has a commerce channel.<\/p>\n
With companies like Venmo processing more than $1 billion in one month in mobile P2P payments, and the thousands of other companies like Square processing billions more on mobile devices, the fintech industry and mobile payments industry is ripe to becoming one of the next valuable\u00a0sectors in tech.<\/p>\n
References:<\/p>\n
http:\/\/www.biztechmagazine.com\/article\/2017\/01\/what-s-ahead-fintech-2017<\/a><\/p>\n http:\/\/www.businessinsider.com\/facebook-messenger-promotes-p2p-payments-2016-9<\/a><\/p>\n The evolution of the mobile payment<\/a><\/p><\/blockquote>\n