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Money ExchangeFor years, there has been one easy way for one person to pay another person, and that has simply been reaching into a wallet, counting out bills and handing the cash over. This works in a business or retail setting, but it also works in a personal setting for people giving money to friends or family for one reason or another.

Electronically, it has been a slightly different story.

While electronic payment processing systems like credit cards and ACH have allowed companies and individuals to pay other businesses, retailers or service providers in a digital fashion, the ability for private individuals to do this amongst each other hasn’t been so quick to develop.

There have been a few services here and there that have tried their hand at allowing private individuals to transfer funds to each other without resorting to a bank account transfer, but these have always been small in scale, and haven’t caught on with the general population in the same way that the credit card has become a near universal payment medium in the 21st century, regardless of what country you live in.

Things may be changing, however, as companies like PayPal pioneer new systems that try to bridge this gap and make it possible for more people to share funds directly with each other in an easier, more secure fashion.

Future Applications

While this type of payment is aimed primarily at private individuals, sharing funds, this still has potential uses for businesses. These systems require may be used with certain transactions, especially in instances where an unsecure platform may be in use, and funds can still be safely transferred without leaving any incriminating passwords or other sensitive data on machines, because it is URL based.

It’s still an early, emerging technology, but as a unique way to bring private fund transfer into electronic payment processing, it has possibilities as a unique new method of payment that businesses may some day benefit from as well.

Posted in electronic fund transfers, Payment Processing on Feb 23, 2016