Irish credit unions drive e-payment

Credit unions across Ireland are set to offer electronic payment services to their members, states The Irish Times.

League president Mark Bailey says the Credit Union Services Organisation would answer calls from members and non-members for such services as electronic debit transfers, electronic credit transfers and debit cards.

Currently, less than 10% of credit unions have the ability to undertake electronic fund transfers and only 5% can provide debit cards.

China's central bank is rolling out a joint rival electronic payment platform to compete directly with AliPay - the world's largest online trading platform for businesses, reports Financial Times.

AliPay is the dominant third-party online payment platform in China with a 75% market share in the first quarter, according to research firm Analysys.

The People's Bank of China has started working with Chinese banks to set up a platform that would help clear online payments between banks.

A study released this week sponsored by FIS, PayPal and Nacha, found demand for electronic person-to-person (P2P) payments and transfers is growing rapidly, says Web Pro News.

"Results showed that almost 50% of consumers surveyed expressed interest in replacing cash using electronic P2P for common needs," says Dan Schatt, GM of PayPal's financial innovations team.

PayPal claims banks will benefit most by promoting P2P payments to online banking and bill payment customers, as well as users of mobile banking services and payments.