Payments News

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Venmo, PayPal and Zelle Must Report $600+ in Transactions to IRS

“As of Jan. 1, mobile payment apps like Venmo, PayPal, Zelle and Cash App are required to report commercial transactions totaling more than $600 per year to the Internal Revenue Service. The change to the tax code was signed into law as part of the American Rescue Plan Act, the Covid-19 response bill passed in […]
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The CHUCK Network’s Focus: Create A Better P2P Experience, Not Compete With Zelle

“Rather than compete directly with Zelle and other peer-to-peer payment networks, the recently launched CHUCK network plans to position itself as a P2P network that eases money transfers for users, officials say. One such feature in the works is the ability for users to create a directory of destinations to allow faster transactions when money is […]
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Bank of America Makes Zelle Payments More Private

“Bank of America is the first financial institution to roll out a Zelle widget, cutting the steps required to send or request funds through the peer-to-peer payments service on mobile devices. The move could give BofA an edge among consumers who primarily access banking and payments from their phones, though other Zelle banks are likely […]
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Money-transfer App Synch Payments Raises Additional €5m

“The four Irish banks seeking to set up a money-transfer app to rival Revolut have raised an additional €5 million to fund the venture. Documents filed on Friday with the Companies Registration Office show that AIB , Bank of Ireland , Permanent TSB and KBC Bank Ireland committed more capital to the new entity, Synch […]
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WhatsApp Might Finally Bring Secure P2P Payments to the U.S.

“WhatsApp may be preparing to introduce its peer-to-peer payment system in the U.S., according to code found in the latest app beta. XDA-Developers found code in WhatsApp beta version 2.21.23.10 that points directly to Novi integration and payment transactions. This corroborates similar findings by WABetaInfo late last month, which also showed evidence of Novi integration […]
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FinTech Startup Chipper Cash Launches Its Free App in SA

“Yesterday, Chipper, one of the fastest growing African fintech start-ups that facilitates free peer-to-peer (P2P) money transfers and instant cross-border payments in Africa, officially launched Chipper Cash to offer domestic P2P money transfers in South Africa. Chipper Cash will enable South Africans to enjoy free unlimited instant domestic money transfers, invest in cryptocurrencies, and buy […]
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Zelle Didn’t Need Bells and Whistles to Deliver a Strong Q2—here’s Its Core Advantage

“Bank-operated peer-to-peer (P2P) payments network Zelle processed 436 million transactions worth $120 billion in Q2 . The number of transactions processed increased 58% year over year (YoY), and payment value rose 68% YoY. Compared with Q2 2019, Zelle’s transaction volume surged 155%, and its payment values exploded 172%—reflecting just how rapidly digital payments grew during the pandemic. The company also highlighted small businesses as a key growth […]
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Venmo Curbs Visibility on Payments So Strangers Can’t See Them

“Venmo is ditching its global social feed, making it so users can no longer see payments between people they don’t know. The app, owned by PayPal Holdings Inc. , will continue to allow users to see transactions among their friends, according to a blog post Tuesday. The move comes after Venmo has seen its customer […]

On The Wires

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