Payments News

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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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Kenya turns to M-Pesa mobile-money to stem the spread of COVID-19

“Kenya’s largest teleco, Safaricom, will implement a fee-waiver on East Africa’s leading mobile-money product, M-Pesa , to reduce the physical exchange of currency in response to the COVID-19 outbreak. The company announced that all person-to-person (P2P) transactions under 1,000 Kenyan Schillings (≈ $10) would be free starting Tuesday for the next 90 days.”
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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 […]
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Venmo prototypes a debit card for teenagers

“Allowance is going digital. Venmo has been spotted prototyping a new feature that would allow adult users to create for their teenage children a debit card connected to their account. That could potentially let parents set spending notifications and limits while giving kids more flexibility in urgent situations than a few dollars stuffed in a […]

On The Wires

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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.”
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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 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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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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Nearly 600 Banks and Credit Unions Join Zelle Network Via Fiserv

“Fiserv, Inc. (NASDAQ:FISV), a leading global provider of financial services technology solutions, announced today that a growing number of financial institutions are joining the Zelle Network® via Fiserv to enable person-to-person (P2P) payment capabilities. To date, nearly 600 financial institutions have selected Turnkey Service for Zelle® from Fiserv, with more than 360 making their selection in 2019.”