Mobeewave’s PayMeTap Makes Canadian Peer-to-Peer Mobile Payments a Tap Away

April 19, 2016         By: Steven Anderson

Peer-to-peer mobile payments are one of the biggest underserved submarkets in the mobile payments field today.

That’s looking to change, though, as companies like Mobeewave are bringing out mobile-based peer-to-peer payment options as represented by its PayMeTap system.

This should prove a welcome development for users for a wider number of reasons than some would anticipate.

One of the biggest points of PayMeTap is that, until just recently, it was in a closed beta.

That meant only a comparative handful of users had access, a development that changed thanks to a clear groundswell of support.

PayMeTap works essentially as the name implies, with users tapping a phone with a credit card to send payment into the app itself.

While there is a lag between tap and payment receipt—about 48 hours, at last report—it still arrives fairly quickly.

Plus, there’s no need for an external card reader, and the person making payments doesn’t have to have the PayMeTap app to make payments. Only the receiver needs to have it.

There is a service fee involved, and users can elect to either charge it to the person making the payments, or absorb the charge, taking it off the payment itself. It’s an Android-only app for now, so users interested in getting in will need to hit the Google Play store.

Perhaps the only disadvantage to Mobeewave’s app is that it doesn’t have the name recognition value of an Apple Pay or Samsung Pay.

However, since it addresses a point that many mobile payments apps simply don’t, that could be all it needs to draw market interest.

Remember that many users will only use three payment apps before ignoring many of the rest, so it’s not out of line to think that Mobeewave could be one of those three; one for payments to stores, one for payments to other people, and one wild card slot to be filled in later with a store of choice.

Mobeewave may have the prospect it needs to land a niche, and potentially may draw one of the major vendors in for a purchase to add the service to its own roster.

It will likely lose big if a mobile payments service quickly adds peer-to-peer, but for right now it’s got a market mostly to itself.