Bringing Innovations to the Financial Services Industry
P2P for Financial Institutions by PayPal
Give your customers the freedom to send money to almost anyone, anywhere in seconds using PayPal's P2P service for Financial Institutions.
- Simple integration extends to multiple channels
- Highly differentiated customer experience
- Opportunities for Growth, Savings and Customer Retention
Email Us | Phone: Dan Schatt (408) 967-4443
Give your online and mobile banking customers - consumers, small businesses, and large corporations - the ability to send money to almost anyone, anywhere with just an email or phone number.
Offering P2P functionality to your customers is exactly what they want. During their online or mobile banking session, they can pay friends back for concert tickets, split the check, and quickly send money to friends and family around the globe. It's so easy, all they need is the recipient's email address or phone number.
Lower Processing Costs
Processing P2P transactions through PayPal is less expensive than checks. PayPal's capabilities are designed specifically for financial institutions interested in converting low-margin check and cash transactions to high-margin electronic payments.
Easy To Manage
Our APIs integrate smoothly with your existing systems. PayPal handles all your personal payment processing behind-the-scenes, giving you full control of the customer experience, reporting and back office, and brand integrity.
Attract and Retain More Customers
Nearly 20% of banking customers would switch to a financial institution that offers P2P*. Because your brand is presented in communications to recipients, every transaction gives you an opportunity to reach new audiences. And your P2P customers become part of your sales team.
* "Replacing Cash & Checks with P2P Money Movement" eComm Advisors, 2010
Why should my institution use PayPal for this solution?
- Our products are highly relevant to customers - evidenced by our 84mm active accounts globally
- Huge brand awareness - available in 190 markets and 24 currencies
- Greater share of ecommerce market
- Funds are delivered in seconds
- Experts in fraud management and loss reduction
- Rapid integration timeframes through use of flexible APIs
- Industry leader in global internet money movement technology
- Multiple uses of PayPal account for recipient
- Withdraw to bank account
- Send money to another person in seconds
- Shop online anywhere PayPal is accepted
- With one integration you have access to multiple channels (mobile, web, ATM and more)
- Ability to price, package, and brand as your own
How can my customers use P2P?
With P2P for Online Banking
- Pay friends back for concert and game tickets
- Split the cost of joint gifts
- Send money to help out kids in college
- Pay dues for sports teams and leagues
- Send money overseas
- Make interpersonal loans
- Pay babysitters, cleaning services, child care
With P2P for Mobile Banking customers can also pay instantly from almost anywhere
- Instant repayment for shared meals
- Garage sale purchases
- Purchases at flea markets
Why should I care about Mobile P2P?
Right now, there is a powerful intersection of mobile banking and person-to-person payments fueled by the rise of the smart phone and the desire by consumers and small businesses to transact from their mobile handsets. Market research firm Gartner Group has identified "mobile money transfers" as the number one consumer mobile application for 2012.
Financial research advisory services firm TowerGroup has calculated the market opportunity for mobile personal payments for financial institutions at $137 billion. The opportunity for banks centers around displacing cash and check payments, especially for casual spending situations.
What differentiates us from others?
- We are global across 190 countries
- One integration can easily extend to multiple channels
- Funds are available instantly in receiver's PayPal account
- Can use funds to shop online
- Provide Financial Institutions greater share of the eCommerce market
- Consumers can use funds to shop online
- Allows multiple funding instruments, bank account, credit cards to send money to other people
- In summary - PayPal puts banks in the driver's seat.
PayPal is the world's most-loved way to pay and get paid. Here are a few reasons why PayPal is the right partner for you.
Founded in December 1998, PayPal is now a leading global online payment company. We have over 84 million active registered accounts and we support payments in 24 currencies worldwide. Our business clients range from the local dogwalker to established Fortune 500 corporations.
If there's one thing people know about PayPal, it's how seriously we take security. We use the latest anti-fraud technology to help protect you and your customers.
Offering P2P doesn't just improve customer satisfaction and reduce processing costs. It can also deliver competitive advantage and expand your share of cash and check payments. But only if you choose a partner with a proven track record in financial innovation. PayPal APIs lead the way in the person-to-person payment offerings, so put our innovative solutions to work for your business.
Phone: Dan Schatt (408) 967-4443