Banks have clearly jumped in on the p2p payments wave as many have embraced Zelle, which launched with a consortium...
This week saw Plaid announce a new instant payments product, Visa is getting into P2P payments, venture capital funding for Q1, the CFPB director wants changes in bank supervision and we find out more details about Paze.
Venmo currently accounts for about 39 percent of PayPal’s digital p2p payments business; PayPal and Venmo only charge users a fee when they use their credit cards, though Venmo has started to diversify their offerings to help PayPal’s bottom line; Venmo has expanded Pay with Venmo and started a instant cashout service which both have fees associated with them; they have seen fast adoption with both and the hopes are that a breakthrough year is coming soon. Source.
There is a brewing war in the p2p payments space with Venmo and Zelle battling over who is the leader;...
Zelle, the banking p2p payments app, saw an 84 percent jump in year over year growth with Bank of America; the app saw over 68 million transactions in 2017 through their Bank of America partnership; Zelle recently started a marketing campaign to provide more exposure to the brand as many users might not realize they are using Zelle since it is integrated with their banking app. Source.
While there have been many false starts, the market for P2P payments is finally taking off in this country; two-thirds of...
In the UK Revolut has rolled out a peer to peer payments feature called “Near Me” which lets their users...
Venmo is getting ready to seal a deal with Synchrony Financial to offer a credit card in a bid to...
This past weekend p2p payments platform Zelle started a marketing push in 6 major US markets; Early Warning, Zelle’s owner, started the ads during last weekends NFL football games and has plans to further advertise during the Grammy Awards, the NBA All-Star Game and more upcoming events; while Zelle has past Venmo in volume the platform is not nearly as widely known and it isn’t entirely clear how many users they have because it is integrated with your banking app; the company also plans to do a push in print and digital ads over the coming months. Source.
Consumers have submitted hundreds of complaints about the p2p payments app because they are unable to sign up or access money that was sent to them; the reason behind the issues is Zelle’s security structure is very similar to that of a bank; if something doesn’t match perfectly or the users bank is outside the Zelle network then its possible they will not be able to sign on; Zelle initially launched inside their bank network only, but in September they launched their stand alone app and thats when the issues began; the company is looking at improving the process but says they will not compromise their security. Source.