P2p: A Payments Space Odyssey
'T' minus 1...blast off:
Early one morning, I left for work in a rush. Halfway there, I realized I didn't leave a check for my babysitter or my daughter's tutor. DANG! So, I decided to give this P2P thing a try.
I logged on to ZashPay powered by Fiserv, and using only my recipient's cell phone numbers, was able to originate payments to them. The set-up process was OK, but cringed when I was asked to enter my social security number. Since I know and trust Fiserv, I reluctantly entered it. There was a 75 cent fee for each of the payments I sent.
My babysitter and tutor both received a text message indicating a payment was "waiting" for them. They started setting up their account information (so ZashPay would know where to send the money). My babysitter's Mom wouldn't allow her to enter her social security number. My tutor was "uncomfortable giving her account info online." I assured them that the company was reputable and their info was definitely secure. Still, they ultimately asked for a check. I was able to cancel both transactions easily. Rats. Back where I started.
So, even though my phone and I are ready, some of the "persons" in the P2P space are not. Isn't there a better way to authenticate people (other than a social security number)? Perhaps that would alleviate some fears. My sense is that financial institutions are going to have to really push this in order for account holders to get comfy with it. I would love to get your take on it.
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