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Noncash P2P Payments: Checks in Decline Still Rule the RoostProduct Type: Market Research ReportPublished by: TowerGroup Published: February 2009 Product Code: R301-1601 Description TowerGroup estimates the gross dollar volume (GDV) of the US noncash person-to-person (P2P) market in 2008 was $1.1 trillion, composed of over 3 billion transactions. In 2008, checks represented over $1.013 trillion of the noncash P2P payments in the United States and cost financial institutions what TowerGroup estimates to be $255 million to process. TowerGroup classifies P2P payments into five categories: repayment, account-to-account (A2A), family support, informal purchases, and informal services. Spurred by the continued consolidation of financial service institutions (FSIs) and the establishment of new bank holding companies, A2A transfer volume will reach a projected $127 billion in 2012, TowerGroup believes. The P2P solutions available to financial institutions range from cobranding partnerships to private-labeled third-party solutions across multiple delivery channels and payment networks. Financial institutions have the tools available to successfully target the P2P market and convert existing check volume to electronic alternatives. Table of Contents
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