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October 25, 2023

On the web

Navigating Unwritten Rules: Just 28% of Peer-To-Peer Payment App Users Have Discussed Etiquette, While 41% Have Denied Requests After Receiving Them


"Peer-to-peer (P2P) payment apps have transformed how we settle debts, split expenses and share costs. This technology has simplified financial transactions, but it is creating new etiquette dilemmas. According to the latest LendingTree survey of 2,000 Americans, 38% of P2P users who’ve received a request to split expenses say at least one was unnecessary or unfair."

June 30, 2022

On the web

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. Some users are losing money through mistakes and scams — and the most frequent users are at an increased risk, according to the latest LendingTree survey of nearly 1,200 U.S. consumers. Keep reading for more on what consumers know about P2P service liability, and how users can better protect their transactions.”

May 13, 2022

On the web

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, for example, stakeholders are beginning to look at whether to extend Zelle in this direction. Zelle continues to grow strongly (Bank of America BAC -1.4% customers made more Zelle transactions than wrote paper checks for the first time ever last year) and it is therefore no surprise that discussions are heating up. (According to the Wall Street Journal, Wells Fargo WFC -1.8% and Bank of America are in favour of expanding into retail while JPMorgan is not convinced the time is right.)”

March 10, 2022

On the web

Can Zelle Change the Narrative Around P2P Fraud?

American Banker

“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 of Zelle scams accelerated this year.”

March 8, 2022

On the web

RBC Rolls Out ‘Split With Friends’ Tool

Finextra Research

“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 e-transfers sent by customers up by 74% since the beginning of the pandemic.”

February 7, 2022

On the web

Zelle’s explosive growth may signal problems ahead for Venmo

Insider Intelligence

“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, Zelle plans to roll out a QR code feature being piloted that lets users easily pay businesses.”

February 3, 2022

On the web

PayTile Partners Cross River on Location-based Payments Platform

Finextra Research

“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.”

January 27, 2022

On the web

Chuck, Small Banks’ Answer to Zelle, Goes Live

American Banker

“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 to Venmo — with plans to eventually add FedNow — for half or less of the per-transaction cost of Zelle, Chuck’s participants say. FedNow, set to roll out in 2023, is a new instant payments service the Federal Reserve Banks are developing.”

January 14, 2022

On the wires

January 7, 2022

On the web

Venmo, PayPal and Zelle Must Report $600+ in Transactions to IRS

NBC News

“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 March.  Previously, these mobile payment apps only had to tell the tax authorities when a person had over 200 commercial transactions per year that exceeded $20,000 in total value, the IRS said .”

January 3, 2022

On the web

The CHUCK Network’s Focus: Create A Better P2P Experience, Not Compete With Zelle

Digital Transactions

“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 sent to specific individuals. For example, if John Smith typically sends money to Jane Doe’s crypto wallet, that information can be stored and automatically invoked to send future payments to Jane Doe, according to Jason Henrichs, chief executive of Alloy Labs Alliance, a consortium of community and mid-size banks.”

December 15, 2021

On the web

Bank of America Makes Zelle Payments More Private

American Banker

“Bank of America is the first financial institution to roll out a Zelle widget, cutting the steps required to send or request funds through the peer-to-peer payments service on mobile devices. The move could give BofA an edge among consumers who primarily access banking and payments from their phones, though other Zelle banks are likely to follow with widgets of their own.”

December 14, 2021

On the web

Cash App Now Lets Users ‘gift’ Stock and Bitcoin Using Their USD Balance or a Debit Card


“There are already a number of ways to gift cryptocurrencies , but today Cash App will make doing so simpler with a new feature rolling out to its peer-to-peer payments app. The app, owned by Block (the company formerly known as Square ) will now allow users in the U.S. to send bitcoin, as well as traditional stocks, as gifts to other U.S. Cash App users. While services like Stockpile and Coinbase allow users to gift stocks and cryptocurrencies, respectively, Cash App notes this is the first time such features have been offered in a peer-to-peer payments app.”

November 22, 2021

On the web

Money-transfer App Synch Payments Raises Additional €5m

The Irish Times

“The four Irish banks seeking to set up a money-transfer app to rival Revolut have raised an additional €5 million to fund the venture. Documents filed on Friday with the Companies Registration Office show that AIB , Bank of Ireland , Permanent TSB and KBC Bank Ireland committed more capital to the new entity, Synch Payments. The four Irish banks seeking to set up a money-transfer app to rival Revolut have raised an additional €5 million to fund the venture…The joint venture aims to deliver a payment app that will enable users to send and make payments in real time, one that will take on challenger banks such as Revolut, Zumo and Germany’s N26. The initial phase is expected to focus on consumer-to-consumer payments.”

November 10, 2021

On the web

WhatsApp Might Finally Bring Secure P2P Payments to the U.S.

Android Central

“WhatsApp may be preparing to introduce its peer-to-peer payment system in the U.S., according to code found in the latest app beta. XDA-Developers found code in WhatsApp beta version that points directly to Novi integration and payment transactions. This corroborates similar findings by WABetaInfo late last month, which also showed evidence of Novi integration and even managed to show off what it might look like.”

September 24, 2021

On the web

FinTech Startup Chipper Cash Launches Its Free App in SA

IT News Africa - Up to date technology news, IT news, Digital news, Telecom news, Mobile news, Gadgets news, Analysis and Reports

“Yesterday, Chipper, one of the fastest growing African fintech start-ups that facilitates free peer-to-peer (P2P) money transfers and instant cross-border payments in Africa, officially launched Chipper Cash to offer domestic P2P money transfers in South Africa. Chipper Cash will enable South Africans to enjoy free unlimited instant domestic money transfers, invest in cryptocurrencies, and buy and send airtime and data to anyone.”

August 2, 2021

On the web

Zelle Didn’t Need Bells and Whistles to Deliver a Strong Q2—here’s Its Core Advantage

Insider Intelligence

“Bank-operated peer-to-peer (P2P) payments network Zelle processed 436 million transactions worth $120 billion in Q2 . The number of transactions processed increased 58% year over year (YoY), and payment value rose 68% YoY. Compared with Q2 2019, Zelle’s transaction volume surged 155%, and its payment values exploded 172%—reflecting just how rapidly digital payments grew during the pandemic. The company also highlighted small businesses as a key growth area in Q2: The segment’s transaction volume grew 157% YoY.”

July 20, 2021

On the web

On the wires

Payveris’ New Real-Time Money Movement Solution Optimizes P2P Services to Meet Growing Consumer Demand

“Payveris, the fastest-growing money movement provider in fintech, announced today that its MoveMoney Platform now delivers a real-time P2P solution that rivals Zelle, Venmo, PayPal, and Cash App.  The new service enables financial institutions’ customers to instantly send money to anyone with a U.S. bank or credit union account using the recipient’s mobile phone number or email address—no special app required. The platform offers financial institutions a truly frictionless solution that supports their customers’ journeys to financial freedom.”

June 23, 2021

On the web

Complaints Against Mobile Payment Apps Like Zelle, Venmo Surge 300% As Consumers Fall Victim to More Money Scams

CBS News

“Complaints against some digital payment services and apps like Venmo , Cash App or Zelle are skyrocketing, according to a troubling new report.   Nonprofit U.S. Public Interest Research Group [PIRG] says top issues include scams, trouble using accounts and poor customer service. The group analyzed more than 9,200 complaints filed with the Consumer Financial Protection Bureau from 2017 to April of 2021.  The report found more than 2,700 complaints were made from January to April of this year — compared to just over 600 in the same period last year.”

June 14, 2021

On the web

Can Facebook’s New Payment Method Compete With Venmo and Zelle?

American Banker

“The rollout of Facebook’s QR code-based payment service turns its Messenger platform into an open payment network, but may struggle to pull users away from popular alternatives like Venmo and Zelle. Unlike previous iterations of Messenger payments, the new system does not require users to be connected on its social network. Instead, it creates a QR code or a payment link in the Messenger app and ties into Facebook Pay, which launched in 2019. Facebook initiates the payments immediately, but it could take up to five days for the funds to post to a bank account from a linked debit card or PayPal account. The service’s biggest draw is that it’s already baked into the systems Facebook operates. If successful, it could expand throughout Facebook’s social network and Marketplace.”

April 30, 2021

On the web

Biden Tax Plan Leans on Banks to Help Find Unreported Income

Wall Street Journal

“Part of the funding for President Biden’s $1.8 trillion American Families Plan hinges on a beefed-up reporting requirement for banks designed to identify unreported income. The proposal would require banks to report annual account inflows and outflows to the Internal Revenue Service. The requirement would also extend to peer-to-peer payment services such as Venmo but wouldn’t require individuals and businesses to report any additional information to the government, according to people familiar with the plan. Financial institutions already must report interest, dividend and investment income, and the IRS can get bank information during audits.”

April 29, 2021

On the wires

Apiture Partners With Zelle(R) to Empower Banks With Best-In-Class Payments Solution

Apiture , a leading cloud-native provider of digital banking solutions, today announced a partnership with Zelle®, a peer-to-peer (P2P) payments service, to provide financial institutions with a best-in-class, high-speed payments solution…The partnership between Apiture and Zelle® enables a streamlined and enhanced experience for Apiture customers. Apiture Xpress is an established platform that has been serving leading financial institutions for more than 20 years, helping them to create a fully integrated digital bank. This embedded capability provides clients with a secure, seamless and efficient way to send and receive payments through their digital banking applications.”

April 19, 2021

On the web

Digital Banking Challenger Chime Now Allows Users to Send Money to “Anyone and Everyone”

Crowdfund Insider

“Earlier this week, digital bank Chime revealed that you can use their platform to pay anyone. Chime users can send money to anyone, “even if they’re not on Chime.” As noted by the banking challenger, the users can claim funds to their bank account “instantly and for free.” Chime confirmed that you can send funds to “anyone and everyone.””

February 26, 2021

On the web

Eftpos Launches Peer-to-peer Real-time Payment Service on Beem It | ZDNet


“Eftpos has launched a digital payments capability to facilitate peer-to-peer (P2P) real-time transactions. The service is a deposit and withdrawal messaging capability so users can make payments from their accounts using Eftpos between Australian debit cardholders “in seconds”. The payment service has initially been launched on payment app Beem It , which it bought in November from its former owners the Commonwealth Bank of Australia, National Australia Bank, and Westpac.”

February 5, 2021

On the web

January 22, 2021

On the wires

MoneyGram Expands Real-Time Digital P2P Payments With Visa Direct Through New Checkout.com Partnership

“MoneyGram International, Inc. (NASDAQ: MGI ), a global leader in cross-border P2P payments and money transfers, today announced the expansion of its Visa debit card deposit service across Europe. The expansion has launched in collaboration with Checkout.com, a leading global payment solution provider, utilizing Visa Direct, Visa’s real-time push payments platform. MoneyGram customers can now use the Company’s website or leading mobile app to send money in near real-time to Visa debit card holders across 575 corridors from 25 countries in Europe.”

December 17, 2020

On the web

Lydia raises another $86 million to build a European financial super app


“Back in 2014, when I first covered Lydia , I called it the Venmo for France — they had only raised €600,000 back then. It seems like Jhawar agrees with that take. Since then, Lydia has grown quite a lot and has expanded beyond peer-to-peer payments in various ways. With Lydia, you can send money to another user in just a few seconds. You don’t have to enter an account number in your banking app — as long as you know their phone number, they’ll receive your payment.”

December 10, 2020

On the wires

U.S. Bank launches eCards available when sending money with Zelle®

“The holidays may look a little different this year, but U.S. Bank is giving customers a way to spread goodwill and festive cheer with eCards, now available to U.S. Bank customers when they send money with Zelle® in the U.S. Bank Mobile App. The eCards, launched in collaboration with Zelle and fintech startup Vouchr, provide gift senders with a choice of more than 200 card designs including not only holiday but also birthday, graduation, a simple thanks or congratulations, and more.”

December 2, 2020

On the web

Payconiq rolls out cross-border QR mobile payments service in Europe

NFC World

“Users of Payconiq -supported mobile payment apps in Belgium, the Netherlands and Luxembourg can now make QR-enabled mobile payments and P2P transfers across all three Benelux countries. The expansion of the cross-border payments service follows the integration of the Luxembourg-based Digicash by Payconiq app into “the first interoperable mobile payment platform in Europe” alongside other Payconiq-enabled payment and banking apps.”

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