Mogo, the Canadian financial technology company, recently launched a new mobile peer-to-peer (P2P) payment solution designed to make it simple and easy to share money through family and friends. The new mobile, next-generation payment solution was designed to meet the shifting needs of Canadians who are embracing the convenience of going cashless – especially amid the COVID-19 pandemic where many consumers are avoiding in-person payments and cash.
David Feller, Mogo’s Founder & CEO, commented on the launch, stating: "As more Canadians embrace the convenience of a cashless life, we expect to see growing demand for mobile, next-generation payment solutions that let users send and receive money instantaneously from their smartphone...Peer-to-peer payment is a natural extension of our digital platform and will complement and seamlessly integrate with our other products such as MogoSpend, giving our more than 1 million Mogo members even more utility and value."
Accessible P2P Payments Apps
Mogo Launched a P2P Payment Solution to Easily Send and Receive Money
Trend Themes
1. Mobile P2P Payments - The rise of P2P payments through mobile devices presents opportunities for the development of user-friendly, intuitive payment apps.
2. Cashless Payments - The increasing use of digital payments due to COVID-19 has accelerated the need for easy-to-use platforms that provide cashless payment options for users.
3. Integrated Digital Platforms - P2P payment solutions that can seamlessly integrate with other financial technology products, such as digital spending apps, are likely to gain traction in the market.
Industry Implications
1. Financial Technology (fintech) - Fintech companies can capitalize on the growing demand for mobile P2P payment solutions by developing user-friendly platforms that offer convenient, cashless payment options.
2. Mobile App Development - Mobile app developers can take advantage of the rising trend towards mobile P2P payments by creating intuitive, user-friendly payment apps that provide a seamless payment experience for users.
3. E-commerce - E-commerce companies can benefit from partnering with or incorporating mobile P2P payment solutions into their platforms, which can increase sales and improve customer satisfaction through streamlined payment processes.