The rise of peer-to-peer banking
The rise of peer-to-peer banking has been rapid and well-documented. The software has supplied users with the opportunity to transfer cash to their friends without the hassle of a cheque or a cash deposit; in effect, friends sharing a meal have been able to split the costs whilst still finishing their dessert.
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Recent reports have tracked the trajectory of peer-to-peer payments to excremental heights. Globally, the volume of P2P payments is over $1 trillion with only a small proportion of those transactions conducted via mobile phones the room for growth is therefore paramount. Additionally in a twist of events, P2P payments are only beginning to catch up in the developed world with well-established industries already formed in emerging markets since people are effectively using them as a bank account.
On the other end of the spectrum sits the equally successful peer-to-peer lending organisations. This finds groups like Funding Circle, Zopa and Lending Works cutting out the Bank as a middle man and establishing better rates for both investors and lenders with a manageable level of risk. There is no question that these still young companies have smartly exploited the banks failure over the past few years to cater to the credit needs of consumers and small businesses.
So there we have it, peer-to-peer banking equipping the millions and peer-to-peer investing funding the small and prosperous. Never the twain shall meet yet.
A Missed Mobile Opportunity:
And yet this seems to be an opportunity that is being sorely missed by the majority of peer-to-peer lending groups. The smart phone is becoming increasingly synonymous with fiscal management, and therefore it would only make sense to allow the capacity for lenders and companies alike to manage their investments and funding through this platform.
After all, this is where P2P banking established most of it's growth by capitalising on the emerging markets where bank accounts are rare and they therefore must rely on mobile monetary devices in regards to commercial growth. As P2P becomes better established in the developing markets, it is only a matter of time before the same control over investment and borrowing is required. The 21st century has seen a steep increase in the speed of which business takes place, with the rise and fall of companies taking place with in a breath. It won't be long until P2P will be demanded with instant gratification.
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Posted in Marketing and Advertising Post Date 04/07/2020