Payments News

On The Web

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When Bills Pile Up, Young People Turn to Strangers on Venmo

“The services frame themselves as tools that make it easy for their millennial and Gen Z user base to pay back a bar tab or split the cost of lunch. But some straddling tight budgets are also turning to payment apps as crowdfunding tools for bills, emergencies and the costs of daily life. Tweets linking […]
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N26 Launches MoneyBeam for UK Users

“N26, one of Europe’s largest digital banks, has introduced MoneyBeam for its UK users, allowing them to send money instantly to fellow N26 users. The digital bank conducted research which exposed the contentious nature of splitting bills, as more than a quarter (27%) of UK adults regularly take the hit and pay the tab in […]
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Venmo Glitch Opens Window on War Between Banks, Fintech Firms

“Many PNC clients are having trouble connecting their bank accounts to their Venmo apps, cutting off their access to the popular mobile-payment system, owned by PayPal Holdings Inc. PYPL 1.78% When they have sought help, they have found the two companies blaming each other for the disruption. PNC Financial Services Group PNC 0.23% suggested in tweets that […]
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GlobalData: Facebook Messenger Payments Scrapped Due to Poor Adoption

“Facebook’s decision to discontinue its peer-to-peer (P2P) Messenger payments option in the UK and France next month is due to poor adoption of the service by consumers, according to new figures from data analytics company GlobalData . It was revealed in April that Facebook was scrapping the service – which enabled users to exchange money […]
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New York Is Proposing the Creation of a ‘Public Venmo’

“For millions of people in the US, exclusion from the banking system is simply a fact of life. An estimated 14 million US adults don’t have bank accounts, forcing them to rely on exploitative check-cashing and payday loan services that charge high interest rates—and thus, eat away at funds needed for food, rent, and medical […]

On The Wires

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Zelle® Announces $44 Billion Sent on 171 Million Transactions in Q2 2019

“Early Warning Services, LLC, the network operator behind Zelle®, today announced $44 billion was sent through the Zelle Network® on 171 million transactions during Q2 2019.  Year-over-year payment values increased by 56%, while transaction volume increased by 71%. Nearly 500 financial institutions are contracted to participate on the Zelle Network, including 179 that are online today and processing transactions. “More […]
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MoneyGram Announces New Debit Card Deposit Service in Partnership With Visa

“MoneyGram (NASDAQ: MGI ), a global provider of innovative money transfer services, today announced the launch of a new debit card deposit service in partnership with Visa ( https://usa.visa.com/ ) via Visa Direct, Visa’s real-time1 push payments platform, which enables payments to over a billion cards worldwide. The person-to-person (P2P) money transfer option allows customers in the […]
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MoneyGram Achieves Record Online Transaction Growth Over the Holidays

“MoneyGram (NASDAQ: MGI ) announced record-breaking online transaction growth during the holiday shopping season from its MoneyGram-branded online platforms. Between December 1 and December 25, MoneyGram-branded online platforms reported transaction growth of more than 70 percent on a year-over-year basis, with 80 percent of online transactions initiated on a mobile device. Outside of the US, online […]
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MoneyGram Launches Innovative MoneyGram FastSend™ Service Enabling Customers to Send Money Directly to a Phone Number

“To use FastSend, customers simply log in to the MoneyGram app or website, enter the receiver’s name and phone number, and select FastSend. A text is sent to the receiver notifying them that they have funds immediately available for deposit. The receiver then logs in, adds their debit card, and the funds are transferred into […]
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Bank of America Zelle® Use Soars in 2019 | Bank of America

“Bank of America today announced record-breaking person-to-person (P2P) payments use, as the company’s active Zelle® users have already completed more transactions this year than in all of 2018. In less than nine months, Bank of America clients sent and received a total of 163 million transactions, compared to 157 million transactions throughout 2018.”