Moov adds P2P competition

Fintech platform Moov has launched a new peer-to-peer (P2P) payment tool that leverages Mastercard and Visa infrastructure. Unlike closed-loop systems like Venmo or Cash App, Moov’s solution allows users to send and receive funds without needing to be on the same platform. This shift marks a move toward interoperability in the payment space, reducing the friction that often comes with 'walled garden' apps. While the tool is currently focused on P2P, the underlying technology is designed to streamline how money moves between accounts and cards instantly. For retailers and service providers, this development signals a broader trend toward payment democratization. As payment networks become more open, the barriers to adopting new digital payment methods decrease. This technology could eventually simplify how merchants handle disbursements, refunds, or even consumer-to-business payments by removing the requirement for specific account registrations. It represents a push for a more unified payment ecosystem where speed and card-network reliability take center stage over proprietary app ecosystems.

Source: Banking Dive

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