Payments News

On The Web

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Domains

Zelle, the Banks’ Answer to Venmo, Proves Vulnerable to Fraud

“Zelle, a service that allows bank customers to instantly send money to their acquaintances, is booming. Thousands of new users sign up every day. Some $75 billion zoomed through Zelle’s network last year. That’s more than twice the amount of money that customers transferred with Venmo, a rival money-transfer app. But the same features that […]
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Domains

French Banks To Add P2P Transfers To Paylib Online And In-Store Mobile Payments Service

“Following the introduction of online and in-store payments, customers of the six partner banks will be able to make person-to-person money transfers by the summer. BNP Paribas launched the new ‘Paylib entre amis’ [Paylib between friends] service last Wednesday while Crédit Mutuel Arkéa, BPCE, Société Générale, Crédit Agricole and La Banque Postale will follow in […]
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Domains

Big Bank’s Mobile App Beem IT Goes Live In Oz

“As reported in October 2017, three of the nation’s largest banks, the Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Westpac partnered to create the app. In what was described as an apparent bid to compete with new companies entering the finance sector, Beem IT is designed to allow customers to have a digital […]
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Companies

Uber And Uber Eats Now Let You Split The Bill Using Venmo

“A key factor in this latest partnership appears to be data suggesting Venmo was already a popular mechanism for sharing payments between multiple Uber riders. Someone would pay for an Uber ride through their account, as usual, and then request reimbursement from their friends through Venmo. According to the company, more than 6 million Venmo […]
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Companies

Zelle Forecast To Overtake Venmo This Year

“Despite some concerns over its adoption by scammers, new payment service Zelle is shaping up to overtake rival Venmo this year, according to a new forecast from eMarketer. The firm expects Zelle  to grow more than 73 percent in 2018, to reach 27.4 million users in the U.S., ahead of Venmo’s 22.9 million. Square Cash will trail with 9.5 million users. […]

On The Wires

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Domains

Zelle Network® Announces $25 Billion in Person-to-Person Payments in Q1 2018

“In the first quarter of 2018, more than $25 billion moved through the Zelle Network, up 15 percent quarter-over-quarter (QoQ), on 85 million transactions, up 14 percent QoQ. “Zelle® is replacing cash and checks for sending gifts for birthdays to distributing funds to those in need, changing how money moves safely for millions of consumers,” said Paul Finch, CEO at […]
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Companies

Zelle Study Finds Growing Use Of Digital Payments Across Generations

“The study found that adoption and usage of digital person-to-person (P2P) payments are high among all generations, with consumers pointing to trust in friends and family and trust in their financial institutions as the primary reasons for engaging in a digital payment. Boomers ranked trust in financial institutions as the most important influence on engaging […]