“Xoom , PayPal’s remittance service, today announced that customers in the U.S. can now send money directly to a recipient’s eligible bank account or debit card. Available to customers in the U.S., this new functionality allows people to securely send fast money transfers online or using the Xoom mobile app to support family and friends across the country—without having to wait in lines at money transfer stores as people continue to take caution and social distance amidst the pandemic.”

“Venmo has fostered a compassionate public image during the pandemic, touting the popular payments app as a way to virtually tip out-of-work bartenders and give to hospitals. Yet it has taken a harder line against users who ended up overdrawing their accounts. In some cases, it has threatened to dispatch debt collectors against victims of scams, according to emails reviewed by The Wall Street Journal and communications with 10 Venmo users.”

“Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“Mogo” or “the Company”), one of Canada’s leading financial technology companies, today announced plans to launch a mobile peer-to-peer (P2P) payment solution that will enable users to quickly and easily make and share payments with friends and family through Mogo’s mobile app. The Company expects to launch the solution in Q1 2021.”

“Peer-to-peer payment platforms were already seeing explosive growth in the U.S. before the COVID-19 crisis gave them a new surge of momentum. Services like Square Inc.’s Cash App and PayPal Holdings Inc.’s Venmo found new uses during the height of the pandemic as people looked for ways to tip service workers, donate to causes, and patronize businesses that had moved to offer digital services during lockdowns. The services also allowed users to get their stimulus payments direct deposited through their platforms, which helped some people get their money more quickly and drove more users to try the Cash App, Venmo, and PayPal.”

“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.”

“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 pocket.”

“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.”

“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 expenses. Lawmakers in New York are trying to correct this with a new bill that would create a “public Venmo” system designed to include more people in the formal economy and stimulate local economic growth.”

“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 transactions during the holiday period increased nearly 120 percent on a year-over-year basis. Globally, all of the Company’s major online markets achieved double-digit transaction growth during the holiday period.”

“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 customers switch to Zelle, a payment app that it and other big banks operate jointly and that competes with Venmo.”

“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.”

“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 than 64% of U.S. demand deposit accounts will have access to Zelle through the 480 financial institutions contracted to join the Zelle Network,” said Al Ko, Chief Executive Officer at Early Warning.  “We continue to see double-digit increases in new customer wins each month, demonstrating continued demand for Zelle from national and regional banks and credit unions.”

“N26, one of Europe’s largest digital banks, has introduced MoneyBeam for its UK users, allowing them to send money instantly to fellow N26 users. The digital bank conducted research which exposed the contentious nature of splitting bills, as more than a quarter (27%) of UK adults regularly take the hit and pay the tab in full just to avoid an argument.”

“The services frame themselves as tools that make it easy for their millennial and Gen Z user base to pay back a bar tab or split the cost of lunch. But some straddling tight budgets are also turning to payment apps as crowdfunding tools for bills, emergencies and the costs of daily life. Tweets linking to Venmo and Cash App accounts are common in some pockets of Twitter, as users seek to crowdfund a few hundred dollars for rent or food , burdensome expenses such as medical bills , surgery, immigration fees, a family member’s funeral , and even a couple dollars for a cup of coffee or a trip to the nail salon .”