BNP Paribas has announced it is set to compete against other money transfer services such as PayPal, Venmo, and Lydia by deploying its new mobile P2P payment service, Paylib.
French bank consortium deploys mobile P2P payment service – Paylib
Other members of the Paylib consortium, which includes Societe Generale, La Banque Postal, and Credit Agricole will progressively introduce the service over the summer months. The new service notably allows individuals to send money, free and safe, to a mobile number without knowing the banking details of the person they are sending money to.
BNP Paribas reported if the person receiving funds is already a user of Paylib, no action is required from him or her and they can receive a text message that confirms that the funds were credited directly to their banking account. If the person is not a Paylib user, they will receive a text message inviting them to visit the Paylib website to fill out a money transfer reference and French IBAN. The funds will then credit directly to their banking account.
The company also noted that recipients do not need to be a Paylib user. All they need to have is a mobile phone number (FR or international) and a bank account in France (French IBAN). The money transfers are made within a maximum of €500 per day or per transaction. The funds are credited in the same time period as a traditional transfer, which is said to be within one to three business days.
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