Payments News

On The Web

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The Confusing World of Venmo Etiquette

“Payment etiquette has always been shaped by two driving forces: the aversions to seeming cheap and to getting ripped off. The avoidance of both used to be as simple as giving someone cash the next time you saw them, or in giving the waiter multiple credit cards and dividing the bill. But in simplifying the […]
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Many Consumers Report P2P Funds Availability Takes a Day or More

“Answers from 693 consumers who had used a digital P2P account to receive money in the 12 months ending in 2017’s fourth quarter show that 53% of respondents said they were able to use funds within 30 minutes or less of reception. That includes some 11% of respondents who said they had their funds in less than […]
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PayPal’s Venmo had a break-out quarter with payments surging 80%

“The app has annual revenue of more than $200 million, Schulman said. But that’s not quite enough for Venmo to make money. Investors will have to wait until at least mid-2019 for Venmo to be in the black, the company’s chief financial officer said. “The next phase for us is to get Venmo to break even. […]
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Venmo to Users: If You Owe Us Money, We’re Coming for It

“In a bid to curb losses on its platform, Venmo is threatening to sic debt collectors on some users who carry negative balances in their accounts, according to customer-service emails reviewed by The Wall Street Journal. Venmo also recently amended its user agreement to give itself the power to recover money its customers owe by […]
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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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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 […]

On The Wires

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Companies

Zelle® Ends 2018 with its Strongest Quarter on Record

“Zelle closed the year with its strongest quarter on record with $35-billion in payments on 135-million in transactions processed – an increase of 12% and 19% quarter-over-quarter, respectively. Year-over-year payment value (4Q 2017 to 4Q 2018) increased by 61%, while transaction volume increased by 81%. The results cap a successful 2018, with the number of participants in the Zelle […]
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Amazon Pay launches person to person (P2P) payments through UPI for Android customers

“Amazon customers can now make instant bank-to-bank transfers using UPI platform on the Amazon app. Customers can use this functionality to settle bills/expenses with friends, lend/return money to family, pay rents, pay for services like house-help, newspaper bills, milk subscription and more. Customers can also make payments from their bank account to local stores nearby […]