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84% of Consumers Have Used Peer-to-Peer Payment Services, and Nearly a Quarter Have Mistakenly Sent Money to Wrong Recipient

“Convenience is key in today’s fast-paced, technology-oriented world. With peer-to-peer (P2P) service apps like PayPal and Venmo offering simple ways to make digital transactions, it’s not much of a surprise that they’ve grown in popularity. Today, more than 8 in 10 (84%) consumers say they’ve used a P2P service.  But P2P apps don’t come without risks. […]
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What The Zelle Is Going On?

“Should Zelle be used for retail payment? It already is! There is a pressure in a number of markets to look at the use of account-to-account (A2A) payments for retail transactions, bypassing traditional card payments by allowing payments to go directly from consumer bank accounts to retailer and service provider bank accounts. In the US, […]
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Can Zelle Change the Narrative Around P2P Fraud?

“Zelle has become a victim of its own success. As the peer-to-peer payments service’s popularity booms, stories about fraud and scams that target Zelle users have grown rapidly with it. Fraud associated with the bank-owned Zelle network stood out in the Consumer Financial Protection Bureau’s review of payment platforms last fall, and a new wave […]
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RBC Rolls Out ‘Split With Friends’ Tool

“Royal Bank of Canada has added a feature to its app that lets customers divide the cost of an expense amongst a number of contacts, request the money and track who’s paid. RBC says it has seen a big change in how Canadians move money over the last two years, with the monthly volume of […]
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Zelle’s explosive growth may signal problems ahead for Venmo

“Al Ko, CEO of Zelle’s operator, Early Warning, said the “overwhelming majority” of Zelle’s payments are P2P, but more businesses are starting to use the service: Zelle payments received by small businesses increased 162% YoY in 2021. And Zelle’s average transaction size for Q4 2021 was $272, indicating more small business payments. To further its growth in the segment, […]
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PayTile Partners Cross River on Location-based Payments Platform

“Cross River Bank is joining forces with fintech PayTile to deliver a peer-to-peer payments app that uses geo-location technology. Powered by Cross River, PayTile’s P2P product is aiming to bring digital payments to areas where physical cash still dominates, such as tipping a valet or shopping at the farmers market.”
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Chuck, Small Banks’ Answer to Zelle, Goes Live

“Adopting Zelle was never a consideration for Reading Cooperative. Industry observers say Zelle — owned by several large banks — charges banks 45 cents to 90 cents per transaction with low-volume, smaller financial institutions paying the higher fees. Chuck enables users to initiate P2P payments through a variety of methods the bank chooses, from ACH […]
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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 […]

On The Wires

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