23 October 2017

ING launches person-to-person payment system

08 May 2003  |  8946 views  |  0 ING Group Amsterdam HQ

Dutch bank ING has launched Way2Pay, an e-mail and SMS-based person-to-person payment system for consumer money transfers.

Over two years in development, Way2Pay had its genesis in ING's November 2000 investment in US P2P pioneer PayPal. The finished product was developed in conjunction with UK-based P2P outfit PayHound.

Similar in operation to NatWest's FastPay and the forthcoming Visa Direct service, Way2Pay uses e-mail and mobile phone text messaging for the instruction and initiation of account transfers. Payments are capped at EUR500 and a 2.9% commission is charged on intensive users of the service. Way2Pay is free for casual users receiving less than EUR500 per month in incoming payments.

Initially available in Holland, ING intends to expand the service to cater for cross-border payments around Europe.
KeywordsE-COMMERCE

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comRegister nowvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
19376 views comments | 28 tweets | 42 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
15170 views comments | 23 tweets | 32 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10982 views comments | 12 tweets | 23 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
9028 views comments | 14 tweets | 28 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job