There are a few different types of payments solutions that P2P lending marketplaces use. The most common type of payment solution is a third-party payment processor. A third-party payment processor is a company that helps merchants process payments from customers. This type of payment solution is popular among P2P lending marketplaces because it's easy to set up and it's affordable.

Another type of payment solution that P2P lending marketplaces use is an escrow service. An escrow service is a company that holds funds on behalf of buyers and sellers until the buyers and sellers are ready to complete the transaction.

The e-commerce industry in the UAE is growing significantly, especially since the epidemic encouraged consumers to make purchases online. All different kinds of companies implemented e-commerce in 2023.

The demand for dependable and secure payment methods has grown as online shopping has become more common. Whether you manage a small startup or a large corporation, you need to have a reliable payment gateway solution if you want to grow your e-commerce business.

A payment gateway not only streamlines the entire purchasing process but also builds trust in your business. A payment gateway for your business may be tough to select because there are so many possibilities.

An e-commerce platform can accept payments online because of a payment gateway. To put it simply, Payment Gateways Vs Payment Orchestrators function as a tunnel connecting your bank account to the platform where you must send money.

PayTabs, which was established in 2014, is renowned for its cutting-edge fraud-prevention tools and features. It's one of the most trusted and advanced payment gateways. It's very simple to integrate PayTabs into your online store.

PayTabs can be set up and operational in less than a day. The solution's capacity to produce and transmit invoices using cutting-edge technologies is a terrific feature.

There are several payment gateway options available for website building in GCC countries, and the best one for you will depend on your specific needs and requirements. Here are a few popular options that you may want to consider:

1. PayTabs: PayTabs is a popular payment gateway in the GCC region, offering easy integration and setup for various e-commerce platforms. They provide high levels of security and compliance with PCI-DSS standards. Their rates are competitive, with no setup or monthly fees.
2. Telr: Telr is another popular payment gateway in the GCC region, offering easy integration and setup for various e-commerce platforms. They provide high levels of security and compliance with PCI-DSS standards. Their rates are competitive, with no setup or monthly fees.
3. http://Checkout.com: http://Checkout.com is a global payment gateway that is available in the GCC region. They offer easy integration and setup for various e-commerce platforms, and provide high levels of security and compliance with PCI-DSS standards. Their rates are competitive, with no setup or monthly fees.
4. PayFort: PayFort is a payment gateway that is specifically designed for the GCC region. They offer easy integration and setup for various e-commerce platforms, and provide high levels of security and compliance with PCI-DSS standards. Their rates are competitive, with no setup or monthly fees.
5. 2Checkout: 2Checkout is a global payment gateway that is available in the GCC region. They offer easy integration and setup for various e-commerce platforms, and provide high levels of security and compliance with PCI-DSS standards. Their rates are competitive, with no setup or monthly fees.

It's important to compare the features and pricing of each payment gateway to determine which one best suits your needs. Additionally, you should check if the payment gateway supports the specific payment methods that are popular in GCC countries.

The diverse array of payment methods available in P2P exchanges is truly captivating, and I am eager to share my personal insights with you, with a special mention of Bitget P2P as a leading case study.

P2P exchanges, like Bitget P2P, embrace a world of possibilities when it comes to payment methods. These platforms recognize that different users have different preferences and requirements, and they strive to accommodate a wide range of payment options to ensure accessibility and convenience for all.

One of the most commonly used payment methods in P2P exchanges is bank transfer. This method allows users to transfer funds from their bank accounts directly to the seller's account, ensuring a secure and reliable transaction. Bitget P2P, for instance, embraces bank transfers to facilitate seamless transactions between buyers and sellers. With proper verification and procedures in place, bank transfers provide a trusted and widely accepted payment option.

Another popular payment method in P2P exchanges is the use of digital wallets. Digital wallets offer a convenient and efficient way to transfer funds between buyers and sellers. These wallets, often associated with popular payment platforms or cryptocurrencies themselves, provide a seamless connection to the P2P exchange ecosystem. Bitget P2P recognizes the importance of digital wallets and ensures compatibility with popular wallet options, allowing users to engage in transactions with ease.

Cryptocurrency transfers also play a significant role in P2P exchange payment methods. Users can make direct transfers of cryptocurrencies to complete transactions, eliminating the need for intermediary payment methods. Bitget P2P's integration with various cryptocurrencies allows users to execute seamless transactions in their preferred digital assets, expanding the possibilities of the cryptocurrency ecosystem.

It is important to note that the availability of payment methods may vary across different P2P exchanges. However, Bitget P2P sets itself apart by providing a diverse range of payment options to cater to the needs and preferences of its users. This commitment to accessibility is a testament to Bitget's vision of creating an inclusive and user-friendly trading environment.

Like someone already said, Venmo is a Paypal product, which means if either Paypal or Venmo win then Paypal wins. Snapcash likely isn't going to do much. As far as I have seen money sharing and transfers through social apps isn't exactly taking off. I think when it comes to money people like the tried, true, and safe methods. Also, considering that SnapChat is getting constantly hacked, I definitely wouldn't trust them with any kind of financial data, and I think that anyone with half a brain feels the same way.

As for SquareCash, I don't see many people using it. The method I know a lot of people use is PayPal. I think that will continue to be the leader for quite some time, and considering they are releasing products like Venmo shows they are working to avoid becoming complacent and being overtaken.

Between Gmail, SMS, iMessage, Facebook, Whatsapp, Telegram, Signal, Viber, Wechat, Linkedin… who is dominating the P2P messaging market?

The world has moved in a direction of creating more and more complex - not fewer and simpler - use cases for messaging.

Payments is following the same trajectory. There are too many use cases to be confined to a single provider.

What’s more likely is that each of these providers will land on a niche use case that they can dominate. They will then find a way to let users in their network send payments to users in other networks (like from SquareCash to Venmo).

The key question will be Which use cases and market segments will each company specialize in addressing?

Hard to say. At the time of writing this answer, Ripple (payment network) has about 100 or so banks signed up. Pretty small number, but much more than any other alternative provider out there, that just got started int he last few years.

With over 15,000 banks, some put this number as high as 25,000, the number signed up by Ripple is small. But then again, Ripple is just starting out.

Do not assume that just because Ripple has signed up a bank, that cross-border payment using Ripple’s technology becomes the default standard. It does not.

Society for Worldwide Interbank Financial Telecommunication (SWIFT) has introduced GPI (Global Payments Innovation) which was literally the laughing stock of the payments and banking in industry, when they claimed to have an edge over Ripple, by saying they would use the blockchain and settled in under 24-hours! (versus instantly by Ripple).

Today, SWIFT has realized, Ripple, et. al. represent a serious threat, and it (SWIFT) is doing all it can to convince banks to stay with SWIFT in the long run as SWIFT is working on more innovative solutions (which are yet to be seen).

Ripple’s ILP (Inter-Ledger Protocol) is extremely important. It could very well be the glue that binds the various payment atoms together to form the molecule known as frictionless payments.

However, I personally feel, politics will come into play. The Russians, Chinese, Indians, and a few other nations will be skeptical of one company’s technology stack becoming dominant in payments. Look what happens to Iran with SWIFT everytime sanctions are invoked.

Ripply, in my opinion, will be a player in the space, but I think the days of domination are over. There will be a multi-protocol payment stack that will include Ripple as part of the solution offering. Unless a global, open, equally contributed, XRP neutral standard comes out, no one company will dominate the space.

Peer-to-peer (P2P) payment is a type of financial transaction where users can send and receive money directly from each other using a mobile app or online platform, without the need for a bank or other financial institution as an intermediary. P2P payment apps have become increasingly popular in recent years, particularly among younger generations who prefer the convenience and speed of digital payments.

Building a P2P payment app typically involves several steps:

1. Choose a platform and programming language: There are many platforms and programming languages to choose from when building a mobile app. Popular choices include iOS (using Swift), Android (using Java or Kotlin), or cross-platform frameworks like React Native or Flutter.

2. Choose a payment gateway: A payment gateway is a service that processes payments and facilitates transactions between the app and the user's bank account. Some popular payment gateways for P2P payment apps include PayPal, Stripe, and Square.

3. Design the user interface: The user interface (UI) is the visual representation of the app that users will interact with. The UI should be intuitive, easy to use, and visually appealing.

4. Develop the app: This involves writing code in the chosen programming language, integrating the payment gateway, and building out the necessary features and functionality.

5. Test and launch the app: Once the app is built, it needs to be thoroughly tested to ensure that it functions properly and is free of bugs. Once testing is complete, the app can be launched on the App Store or Google Play Store.

6. Maintain and update the app: After launch, it's important to continue maintaining and updating the app to ensure that it remains secure, functional, and up-to-date with the latest mobile technologies.

Building a P2P payment app can be a complex process, but there are many resources available to help developers get started, including developer documentation and online forums. It's important to prioritize security and user privacy when building a P2P payment app, as users will be entrusting sensitive financial information to the app.

It's absolutely doable and I'll lay out your options and the pros and cons.

1) Integrate with one of the big guys like a Chase Paymentech or Vantiv and create your own Payment Service Provider (PSP). You'd be a WePay, Stripe or Paypal and you'd have ultimate control over payments. The downside is that it's really expensive to set up and you'd have to hire a bunch of people to get this done. Your go live time frame would not be short. This is very painful.

2) You could go to a merchant account solution. Popular ones are authorize or braintree. This would allow you to set up a merchant account and accept payments on behalf of your merchants/users. You'd have to find a way to settle funds to the merchants through ACH or by issuing a check. You'd have a lot of control over the user experience, but the three things you have to deal with are: 1) settlement to the merchant, 2) legal/operational complexity and 3) fraud/chargebacks. If you're someone like Uber, you view payments as completely integral to your product offering. You're willing to live with the additional burden of building infrastructure and ultimately owning the fraud/chargeback liability. For a lot of other companies, this is not a desirable option. For instance, a website builder would never take on the financial liability of their merchants.

3) Finally, there are P2P API's out there. There are several, including WePay, Stripe, Paypal...etc. The big difference here is that these API's allow a consumer to make a payment directly to a merchant. The platform/application is facilitating the payments but isn't accepting the payments directly. A lot of companies prefer this to option 2 b/c of: 1) instant settlement to the merchant. You don't have to cut thousands of checks per week to your merchants. 2) The payment processor takes on the burden of underwriting your merchants and taking on that financial liability for fraud; and 3) you can borrow a lot of the infrastructure of these payment processors and not have to build your own. Lastly, there are a lot of regulatory concerns that are reduced by using a P2P model.

From a very practical stand point, this is what we see in the market:

If you're really big and you have the resources and money to invest, you probably gravitate to option 1. This is a very short list.

Option 2 is really easy to do in the short run. A lot of start-ups choose this option b/c there's less development work involved. However, as they scale and operations become more important, we see a lot of these folks migrate to Option 3.

Option 3 solves the critical problems of settlement, operations, and regulatory complexity. We see maturing start-ups with traction migrating to Option 3 b/c they need a scalable way of handling payments. Also, they really don't want payments to be a core feature of their business. It's a lot of work. They'd rather partner in this area w an expert. Some start ups with no traction may also find this attractive b/c they fundamentally don't want to own payments.

There are a lot of options out there. For anyone looking to integrate payments, you just need to be thoughtful on the stage of your business and your payments strategy. These factors tend to drive decision making from what I've seen.

Yes, P2P payments are secure because they’re encrypted and have fraud monitoring capabilities, with payment like Bitcoin. But, there are some risks involved with P2P payments, the biggest concern for users is that it can be difficult to get refunded after a fraudulent or mistaken transaction, especially if you use the funds from the app and not from your bank. Some other considerations are:

-Transactions may still take one to three business days, and transaction fees around 2%

-Human error, like sending money to the wrong email address.

To be honest, there isn’t a payment platform that is a 100% secure, and the convenience, speed, ease-of-use, low costs, and security make P2P payments an appealing options.

p2p payments and how to do p2p wazirX

How to deposit money in WazirX using IMPS/NEFT/RTGS?
Click on Funds in the top bar
Under Indian Rupee, Click on the Deposit button
Link your bank account by entering your Bank details from which you will deposit the funds. The name you enter MUST match the name on your WazirX account.
Click on the Instant Deposit IMPS/NEFT/RTGS
Next, you will see the WazirX bank details. Transfer funds via IMPS/NEFT/RTGS to account details provided.
After successful transfer, your deposit will get instantly credited into your WazirX account.
It takes a maximum of 72 working hours to reflect IMPS/NEFT/RTGS deposits. Most deposits happen in a much shorter time .
How to deposit money using WazirX UPI Deposit?
Click on Funds in the top bar
Under Indian Rupee, Click on the Deposit button
Select Instant deposit with UPI
Link your UPI ID from which you will deposit the funds. For successful verification, your WazirX account name and the name in the UPI Banking system should be the same.
Once the verification is completed, enter the amount you wish to deposit and proceed
Check your UPI app and complete the transaction. Your deposit will be done near instantly
Your account will be credited within a couple of hours if the UPI status is successful.
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#indiawantscrypto
#wazirxwarriors

The peer-to-peer payment system has some advantages as well as disadvantages:

Advantages of Peer-to-Peer Payments:

The major benefits of peer-to-peer transfer are that it is user-friendly, easier to use, takes only a few seconds to verify and complete the transactions, and it is safe as well. In case you have forgotten your wallet at home, you don’t have to worry about it; P2P money transfers are cashless and convenient and can be done via your mobile phone.

Disadvantages of Peer-to-Peer Payments

Meanwhile, you may be required to maintain a balance in your P2P money transfer app, and if by mistake you send the money to the wrong user, your money might not be retrieved back. Another disadvantage is that only single currency transactions can take place. Some P2P transfers can take up to 3 days.

A peer-to-peer or P2P payment system allows you to transfer or receive money directly to your bank accounts using a smart device like a mobile that has been linked with your bank account. It is a non-credit card system that facilitates faster and more secure transactions. At some point in time, we all have used popular money transfer applications like Google Pay, Paytm, Venmo, etc., which are a few examples of P2P services.

Payment through the peer-to-peer payment system is widely accepted not just for buying consumable goods or services but also for buying cryptocurrencies as well. Blockchain peer-to-peer payments allow lesser-cost of transactions, transparency, reduced risk, and faster services.

Source: ResearchGate | A Blockchain Peer-to-Peer Payment System at Work

Let’s start with the sign-up…

You need to have a Customer Identification Program at the backend whose’s template would be put out on the front to register the client.

An ID verification system (like along the likes of IDology). A decent compliant program on the back end, the market is wide open here, from Banker’s Toolbox to Membercheck.net to IdentityMind, et. al.

Screening services for OFAC, PEP checks. (I would highly recommend Membercheck for this).

You would need a bank where this money is to be held and moved around. You might want to look at the white-label service that Dwolla offers. Here is where the funds your users attach to the wallet/account is stored (by a licensed bank at the back end). Dwolla also provides 50 US State coverage for domestic transactions, so you won’t need a money transmitter license. The umbrella coverage would be sponsored by the bank and under an FBO arrangement, where you don’t touch the money, the money is held by the bank, and transactions are handled by the bank, based on your instructions. The instructions are sent via API, and the bank executes/acts-upon these instructions.

Typical funding sources attached by clients are ACH, and if you can provide DDA access to the bank, you can even have debit/credit card transactions associated with the accounts. The great thing about Dwolla is that, the ACH is free. Can’t beat that.

You need to have a robust API so as to be able to move funds, hold payments, issue refunds, generate statements, etc.

Your back end AML should be strong and robust enough to enforce the compliance manual from its paper form to an actual rule based system.

Some form of fraud detection mechanism (most AMLs don’t cover this deeply enough, so you might want to look at a 3rd party solution here).

An accounting system that is robust enough to match the ledger positions with the bank and to be able to generate a multitude of reports.

An open-API engine on your software so that external / 3rd parties can build upon your solution.

Your P2P wallet should also be robust enough to add value-added payments. Here is an example of how value-added payments look on the payment stacks:

Your back-end should also be robust and modular enough to be able to connect to other payment networks for further settlement, reporting and API based flags that would be generated and sent from your system.

The ability to have “Businesses” to be taken into account. Most P2P solution sort of overlook at the importance of C2B or B2C payments.

Great question! A payment transaction even though it only takes up to a few seconds consists of 10 steps (yes, you heard it right!):

1. A client makes a purchase by entering his credit card details on the merchant’s site.
2. This info is sent to the merchant and then passed along with the order amount to the payment gateway.
3. The gateway compiles the credit card information and sends an authorization request to the acquiring bank. The request is passed on to the IPS and later to the issuing bank.
4. At this time, the holders of 3DSecure cards are required to enter the password which has to be verified by the issuing bank. If it’s verified, the issuing bank sends a confirmation to the IPS.
5. The confirmation is passed on to the acquiring bank.
6. Next, the gateway requests to subtract the funds from the credit card o transfer them to the issuing bank and IPS.
7. The issuing bank verifies that the client has sufficient funds on balance and confirms the transaction to the IPS.
8. The latter sends a confirmation to the acquiring bank and a gateway.
9. Next, the merchant receives a confirmation of the transaction in the matter of minutes.
10. Finally, the most important part of it all takes place - the money is being transferred to the merchant’s account.

I hope this helped!

There are options now, especially those based out of Dubai for local/regional companies requiring payment gateways. The issue may be of the right bank account to link it with and getting the right deal in terms of the deposit and guarantee.

Payfort (Welcome to the PayFort) is a good local option, backed by the Jabbar Group (Souq, Sukkar etc.) and understands the issues faced locally and has presence in UAE, Saudi, Jordan and more to come. They have also added AMEX settlement, along with VISA and Mastercard, recently. My understanding from their CEO, Omar Soudodi, is that they will do a startup friendly package with specific banks and they have a number of local ecommerce startups already on their network.

Open banking is a growing trend in the GCC (Gulf Cooperation Council) region, which comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). The region is seeing increased adoption of digital banking and fintech, and open banking is seen as a way to foster innovation and competition in the financial services industry.

In the UAE, the Dubai Financial Services Authority (DFSA) introduced regulations for open banking in 2020, which encourage banks and fintechs to share financial data through APIs. The regulations aim to create a more efficient and competitive financial ecosystem, and promote innovation and customer choice.

Open banking in the UAE has already shown promising results, with the introduction of several innovative services by banks and fintechs. For example, Emirates NBD launched its API Sandbox, which allows developers to test and develop new services using the bank's APIs. Similarly, Abu Dhabi Islamic Bank (ADIB) launched its Open Banking Platform, which allows customers to connect their accounts with other financial institutions and view their overall financial position in one place.

In Saudi Arabia, the Saudi Arabian Monetary Authority (SAMA) is working on a framework for open banking, which is expected to be introduced in the near future. The framework will establish rules and standards for data sharing, security, and customer privacy. This is expected to drive innovation and competition in the financial services industry, and improve access to financial services for consumers and businesses.

Bahrain has also taken steps to encourage open banking, with the introduction of regulations in 2018 that allow banks and fintechs to share financial data through APIs. The regulations have helped to create a more open and competitive financial ecosystem in the country. As a result, Bahrain has become a hub for fintech innovation in the GCC region, with several fintech startups launching innovative services that leverage open banking.

Overall, the GCC region is expected to see continued growth in open banking and digital financial services, as more consumers and businesses look for faster, more convenient, and more innovative ways to manage their finances. The trend towards open banking is expected to create a more competitive financial ecosystem, which will drive innovation and improve access to financial services for consumers and businesses. As such, it is an exciting time for the financial services industry in the GCC region, with plenty of opportunities for banks and fintechs to innovate and grow.

Fiorano is a leading provider of open banking solutions, with a platform that is designed to help banks and financial institutions to rapidly adopt open banking and API-based connectivity. The Fiorano open banking platform provides a comprehensive set of tools and services that enable banks to create, manage and secure APIs, and build innovative new services that leverage open banking. The platform is highly scalable and can be easily customized to meet the specific needs of each bank or financial institution. Fiorano's platform is also highly secure, with built-in security features such as authentication and authorization, encryption, and data masking. With the Fiorano open banking platform, banks can quickly and easily embrace open banking and stay ahead of the curve in the rapidly evolving world of financial services.