The battle for P2P payments is much bigger than acquiring users. Instead, it looks like the beginning of a war for the future of all payments.
A battle for mobile peer-to-peer (P2P) payments is playing out between PayPal and Square.
Mobile P2P payments platforms allow users to exchange funds directly and quickly via a mobile app. Consumers no longer prefer to pay merchants with bulky paper checks or cash, and are opting instead for more handy plastic debit and credit cards, according to data from TSYS. Mobile P2P is part of this same trend toward convenience.