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.”
Image Credit: Mogo
Key Themes Behind This Trend
- Mobile P2P Payments
- The rise of P2P payments through mobile devices presents opportunities for the development of user-friendly, intuitive payment apps.
- 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.
- 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.
Where This Applies
- 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.
- 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.
- 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.
