In an effort to measure the adoption of person-to-person payments, ProfitStars announced that its iPay Solutions P2P service processed more than 1.8 million payments during the first half of the 2013 fiscal year, which spanned July 1 to Dec. 31, 2012. Those payments totaled more than $1.2 billion.

iPay Solutions has supported P2P payment functionality for almost ten years, first integrating the service into its standard consumer and small business online bill pay solutions before introducing its standalone P2P offering, TheWayiPay, in September 2010.

Today, more than 2,700 financial institutions use iPay Solutions for P2P payments.

From October through December 2012, iPay Solutions experienced a more than 38% increase in P2P users and more than 37% increase in payments compared to the same quarter from the previous year. The average payment amount per transaction also increased to $719.

Greg Adelson, group president of iPay Solutions, says, "We have clearly seen exponential growth in the number of subscribers and transactions as well as transaction amounts for the last few years. We believe the ongoing evolution of mobile devices and their prevalence in daily financial management will surely support a significant rise in P2P adoption. We are committed to working with financial institutions to drive transaction activity within their payment channels."

http://www.jackhenrybanking.com/default.aspx?P=e112c0cb-8069-42e2-bb95-1870edab08bf&PSP=True

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