A late 2015 study conducted by economic and financial analysis firm The Perryman Group found that electronic payments have added more than 23 million permanent jobs and an additional 12 percent to the gross domestic product (GDP).

In a world where people want everything to happen faster and easier, instant person-to-person (P2P) electronic payments are a much sought after option. Listening to their clients, seven major U.S. banks are launching a mobile P2P Instant Payment Option that is expected to compete with PayPal and Facebook.