Payments News

On The Web

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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. […]
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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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Domains

Why Apple Pay Is the Highest-Rated Mobile P2P Payment Service

“In light of the quick rise of P2P—and its potential financial and privacy risks—Consumer Reports tested five mobile P2P services to see how they stacked up for user protections. In our first-ever test-based ratings of P2P mobile services, CR rated Apple Pay the highest overall, with excellent or very good marks in the key consumer-protection […]
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Companies

Nobody Says ‘Zelle Me’: Banks Struggle to Catch Up to Venmo

“A year in, Zelle’s reviews are mixed. Usage is up, but most banks haven’t signed on, meaning many consumers can’t use it without downloading a separate app. It also fell short of its goal to have 33 banks on the network by its first anniversary, and behind the scenes, it runs on plumbing that’s more […]
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Domains

Snapchat Will Shut Down Snapcash, Forfeiting To Venmo

“Snapcash may have become more of a liability than a utility. With apps like Venmo, PayPal, Zelle, and Square Cash itself, there were plenty of other ways to pay back friends for drinks or Ubers, so Snapcash may have seen low legitimate usage. Meanwhile, a quick Twitter search for “Snapcash”surfaced plenty of offers of erotic content […]
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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 […]

On The Wires

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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 […]