How to benefit from a predicted nearly five-fold growth of the global P2P payment market this decade.
The P2P payments market came into existence when PayPal was created from a merger of a company providing security software for handheld devices with an online bank. Now, thanks to the advent of the Internet and smartphones and also to changing consumer preferences driven by a new generation of ‘digital-native’ Americans, P2P payments are table stakes in how people want to move money today. It’s convenient. Users are in control. And, services are available anywhere 24/7/365.
Nearly three-quarters of American consumers engaged with at least one P2P platform in 2020. More recently, businesses have discovered the advantages of P2P payment platforms when making payments to other businesses or individuals, opening up an entirely new area of business opportunities for fintech entrepreneurs. Growth opportunities are real. Therefore, even today, new payment platforms are entering on a regular basis into this still relatively young market.
With the rise in popularity of P2P payments, the industry has also attracted fraudsters. Our customers benefit not only from our in-depth understanding of ACH payments but also from our extensive experience in fraud prevention, including KYC and KYB methodologies.
P2P platform providers benefit from simplified fraud prevention solutions wrapped in Sila’s powerful money transfer API.
Our Digital Wallet API links any U.S. bank account via API for in-app payments. You can use it as-is or customize it. Digital Wallets are made for P2P payments since they allow people to transact without looking up bank account and routing information.
Give your clients the option to log in via an online portal and verify through trial deposits. Bank account linking is provided through Plaid. This is a key element since, at the end of the day, people want their money back in the place where they are holding the rest of it, their bank account.