PYMNTS

JULY 17, 2018

The Q2 earnings season has just kicked off, and it’s already helping shedding light on recent developments in the peer-to-peer (P2P) world — most notably, the shape of the ongoing competition between Zelle and Venmo. The good news about Zelle came earlier this week when Bank of America (BoA) released its second-quarter financials.

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Zelle Venmo P2P Privacy 40

PYMNTS

OCTOBER 23, 2018

The third quarter proved more than kind to P2P payments , at least according to financial results for the two main competitors, Zelle and Venmo , which continue to duke it out for market share and consumer loyalty — and doing so as another big digital player prepares to debut a P2P offering. Zelle Enrollment Boost. Venmo Growth.

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Zelle Venmo P2P PayPal 43

PYMNTS

JULY 26, 2018

Venmo , the P2P service owned by PayPal , took in more than $14 billion in payments volume during the second quarter of 2018, a 78 percent year-over-year increase. Company officials also seemed pleased with their efforts to introduce more revenue-attracting services to Venmo — a positive sign for the spread of P2P payments as a whole.

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Zelle Venmo P2P PayPal 42

PYMNTS

MAY 13, 2019

Perhaps the biggest story in P2P, though, is the ongoing battle between P2P providers Zelle (operated by Early Warning Services ) and Venmo (owned by PayPal ). During Q1 2019, Zelle sent $39 billion through its network via 147 million transactions, the company said in a news release. P2P Partnerships. P2P Impacts.

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P2P Zelle Venmo Debit Card 79

PYMNTS

AUGUST 16, 2018

Zelle , the digital payment app that enables consumers to send money to friends and family, is gearing up to expand its offering to enable customers to pay small businesses. Zelle is backed by Bank of America, JPMorgan Chase and other banks. The firm is projecting that Zelle will reach 27.4 more than Venmo’s 22.9

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Zelle Small Business Business Payments P2P 50

PYMNTS

AUGUST 19, 2019

There is lots of motion in the markets, with Apple officially moving into the world of being a card issuer (with mixed reviews), Venmo making moves on the bank account and Google Pay breaking up with Visa Checkout as a payments button. Venmo Steps up Its Game Against Zelle. Apple’s Expensive Card. the company said.

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Venmo Zelle P2P Underwriting 51

Clearly Payments

AUGUST 24, 2024

In 2023, Venmo processed over $245 billion in transactions, a 32% increase from the previous year. The Rise of P2P Platforms P2P money transfer platforms such as PayPal, Venmo, Cash App, and Zelle have seen exponential growth in recent years. World Bank data indicates that global remittances reached $794 billion in 2023.

Debit Card 105

Debit Card P2P Cross-Border Central Bank 105

PYMNTS

JUNE 15, 2018

With Zelle projected to overtake Venmo , eMarketer expects the payment service to grow more than 73 percent this year. The firm is projecting that Zelle will reach 27.4 more than Venmo’s 22.9 The news comes a few months after Zelle said that close to 100,000 customers sign up for the payment app on average each day.

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Zelle P2P Venmo Volume 43

PYMNTS

NOVEMBER 27, 2020

Consumers have meanwhile transitioned even more toward payment solutions that allow them to send or receive money in real time, with P2P apps like Zelle and Venmo reporting jumps in user activity during the first half of 2020. It is also notable that 50 percent of Zelle’s users are ages 45 and older. percent during Q3 2020.

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Real Time Payments P2P B2B Zelle 106

PYMNTS

JANUARY 18, 2019

Bank earnings this week gave us a bit of insight into the momentum gained by bank-backed P2P payment network Zelle in 2018. 16) that Zelle payments were up 97 percent in Q4 2018, signaling the latest burst of growth for that payment method. Venmo already offers a comparable service and is popular with their user base.

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Zelle P2P Online and Mobile Banking Venmo 63

PYMNTS

AUGUST 14, 2019

Venmo Trends. In case you missed it, it seems PayPal-owned Venmo has added another option for instant transfer of money to a bank account, according to a blog post by the company earlier this week (Aug. As for Venmo, it keeps growing, according to the latest financials from the second quarter of 2019. Zelle Trends.

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P2P Zelle Venmo RTP 49

PYMNTS

JUNE 25, 2019

Peer-to-peer (P2P) payments continue to gain popularity among consumers, with two of the biggest providers, Zelle and Venmo, reporting ongoing and significant gains. About a fifth, by comparison, had used Venmo for gambling. Payment values went up 54 percent year over year, and payment volume increased 72 percent.

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P2P Venmo Zelle Law Enforcement 46

FICO

DECEMBER 4, 2017

Not a mobile payment, Venmo or Zelle, PayPal or Cashbot was in sight. Peer-to-peer payments made with PayPal’s Venmo app more than doubled to $8 billion, year over year. The meteoric rise of payment volumes alone indicates a significant increase in mobile payments fraud risk.

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Mobile Payments Zelle Online and Mobile Banking ATM 64

PYMNTS

JANUARY 31, 2019

billion for the quarter, up 28 percent, and that total payment volume (TPV) was up 26 percent year on year to $164 billion. Venmo got a strong shout out as well, with the volume of Venmo transactions hitting $19 billion, growing by 80 percent in Q4. For the year, nearly $62 billion changed hands on the Venmo platform.

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Venmo PayPal Volume Zelle 58

PYMNTS

NOVEMBER 4, 2019

For starters, Zelle ’s Q3 results show that its year-over-year payment values increased by 58 percent, while transaction volumes rose by 73 percent. In addition, Early Warning Services, the network operator behind Zelle, announced that $49 billion was sent through the Zelle network on 196 million transactions during Q3 2019.

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PYMNTS

SEPTEMBER 12, 2019

That’s mainly due to the growth experienced by Venmo and its financial institution-centric counterpart Zelle. Zelle P2P payments are increasing. While year-over-year payment values increased by 56 percent, transaction volume increased by 71 percent.

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P2P Zelle Payments Real Time Payments 61

FICO

AUGUST 26, 2021

“Do you Zelle?” It’s a question FICO’s fraud head honcho, TJ Horan, pondered back in 2016 , when the nascent real-time person-to-person (P2P) payments service Zelle was relaunched by a small consortium of banks (see below). The second most popular app, Venmo, was used by 14% of consumers in 2020. in addressable payment volume.

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Real Time Payments Zelle Federal Reserve Wire Transfer 52

PYMNTS

NOVEMBER 6, 2019

P2P payment network Zelle’s Q3 results show its year-over-year payment values rose by 58 percent, while transaction volume increased by 73 percent. During the quarter, $49 billion was sent through the Zelle Network in 196 million transactions. billion using Zelle — and that number is expected to grow as we head into the 2020s.

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P2P Zelle Venmo Debit Card 42

PYMNTS

JANUARY 29, 2019

The firm also logged double-digit growth in overall transaction volume and payments volume, and high single-digit boosts in the number of payments per active account. billion, a 27 percent gain, with total payments volume clocking in at $143 billion, that quarter. The street is also looking for total payments volume of $164.9

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PayPal Venmo Zelle Volume 49

The Fintech Times

MAY 7, 2024

The existence of Zelle , Venmo , Cash App , PayPal and other wallet services has dampened US Banks’ appetite for implementing instant payments, with 50 per cent feeling a lot or significant impact. “Many banks see Zelle as doing a good enough job, but Zelle only solves part of the instant payment puzzle.

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Instant Payments FedNow RTP Zelle 59

FICO

MAY 1, 2020

I’m not big on reading tabloid confessions at the grocery checkout, but as a payments professional, I have a shocking admission to share: I am a late bloomer in adopting mainstream person-to-person (P2P) payment apps like Venmo, Cash App (owned by Square), Snapcash and a slew of others. Setting up Safeguards. Wash your hands.

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P2P Venmo Online and Mobile Banking PayPal 69

PYMNTS

JULY 23, 2018

And this week, Prime Day, Google and Zelle were the best candidates for wins, losses and score-equalizers on the week. It looks like Zelle is living up to its namesake animal, the gazelle, and is running quickly to catch up to P2P segment leader Venmo. In 2017, the bank represented a third of all Zelle transactions.

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Zelle Venmo P2P Online and Mobile Banking 40

PYMNTS

JANUARY 14, 2020

And as PYMNTS has reported , P2P services such as Venmo and Zelle continue to grow and expand into new and value-added services. For starters, Zelle ’s Q3 results showed that its year-over-year payment values increased by 58 percent, while transaction volumes rose by 73 percent.

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Digital Payments Innovation P2P Credit Cards 64

FICO

APRIL 29, 2022

Will Zelle Join Apple Pay, GooglePay and Credit Cards at Point of Sale? For the options available at point of sale (POS), along with credit cards and a host of “-Pay” apps, consumers may soon have another choice on the check-out screen at US retailers: Zelle. Zelle is one of the country’s most widely used money transfer services.

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Retail Payments Zelle Consumer Romance Scams 52

PYMNTS

OCTOBER 29, 2020

Along with this surge in digital payments’ volume has come a growing demand for seamless payment experiences. Digital payments have become commonplace for businesses and individuals alike, with the global payments market expected to be valued at $6.7 trillion by 2023.

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Automation B2B Payments Fraud Detection 85

PYMNTS

MARCH 2, 2018

New payment technology, such as Venmo , Zelle and virtual currencies such as bitcoin or other new payment method preferences by consumers, could reduce the general population’s need or demand for cash and negatively impact our transaction volumes in the future,” the company wrote in the filing.

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Risk P2P Zelle Cryptocurrency 44

PYMNTS

SEPTEMBER 12, 2016

billion from a year earlier, and the volume of payments it processes jumped 28 percent to $86.21 PayPal explained that the deals with Mastercard and Visa level the playing field, and the growth in payments volume for PayPal will more than make up for any declines in revenue per transaction. Up to Friday’s (Sept.

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PayPal Online and Mobile Banking Visa Venmo 64

PYMNTS

DECEMBER 24, 2018

Zelle — the P2P service backed by Bank of America , JPMorgan Chase and other financial institutions (FIs) — said in its Q3 results that transaction volume increased 16 percent year over year, and that the total amount of money moved increased 13 percent during that same time frame. 7: With Biometrics. 23) and Cyber Monday (Nov.

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Consumer Online and Mobile Banking Debit Card Volume 83

Payment Savvy

JULY 12, 2024

Pros: Widely recognized and trusted by customers Easy to set up and use Offers additional features like invoicing and recurring payments Cons: Fees for business transactions Funds can be held for various reasons Venmo Venmo, a subsidiary of PayPal, is popular for peer-to-peer payments. Integrates with Google services.

Debit Card 52

Debit Card Online and Mobile Banking Zelle Payments 52

PYMNTS

AUGUST 15, 2019

The firm estimates that the spending and borrowing activity of each 5 percent increase in penetration of the installed base of iPhone users would give volumes equal to 1 percent of payment volumes and 2 percent of credit card balances in the United States. For now, no big splash seems in the offing, especially for the tech giant.

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Underwriting Credit Cards Zelle Venmo 59

PYMNTS

AUGUST 20, 2018

The Good: Zelle Eyes SMBs. The peer-to-peer (P2P) payments app, Zelle , is contemplating an expansion beyond enabling payments between family and friends. Zelle currently allows businesses to disburse payments to consumers, having handled 100 million transactions in the second quarter for a total of $28 billion, noted Bloomberg.

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FBI Zelle ATM Credit Cards 40

PYMNTS

AUGUST 20, 2018

The Good: Zelle Eyes SMBs. The big bank’s P2P payments app – Zelle – is contemplating an expansion beyond enabling payments between family and friends. Zelle currently lets businesses disburse payments to consumers, handling 100 million transactions in the second quarter for a total of $28 billion, noted Bloomberg.

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FBI Zelle Credit Cards ATM 40

PYMNTS

OCTOBER 30, 2019

New payment technology, such as Venmo , Zelle and virtual currencies such as bitcoin or other new payment method preferences by consumers, could reduce the general population’s need or demand for cash and negatively impact our transaction volumes in the future,” the company wrote in the filing.

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ATM Zelle Venmo Adjustments 40

Payment Savvy

MAY 16, 2023

However, there are factors that can impact the transfer time: The time of day for the transfer The bank’s processing schedule Network transaction volume Additionally, ACH transfers only occur on business days, so weekends and holidays can also affect the processing time.

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ACH Same Day ACH Direct Deposit Consumer Financial Protection Bureau (CFPB) 94

FICO

MARCH 27, 2017

In today’s era of Venmo and SnapCash (and soon Zelle), three-day P2P transfers just don’t cut it. Increasing the rate, pace and volume of these payment types, which exit the customer’s checking account directly, will quickly strain banks’ compliance organizations and processes. ACH is a different animal.

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Same Day ACH ACH AI Online and Mobile Banking 40

PYMNTS

JANUARY 23, 2020

Payments made with cash and checks are dropping in volume — the use of cash alone declined 40 percent over the past five years in Canada. Mastercard and Visa have developed faster payment rails of their own, and mobile applications like Venmo and Zelle are steadily increasing their hold over person-to-person (P2P) transactions.

Instant Payments 56

Instant Payments Real Time Payments Online and Mobile Banking Payments 56

PYMNTS

JANUARY 16, 2020

For PSCU, she said peer-to-peer (P2P) is a natural starting point for faster payments adoption, given the emergence of Zelle and Venmo volumes. In addition, she cited the recent announcement by the Fed to develop a real-time payments system by 2023 as a likely impetus for credit unions to move toward real-time offerings.

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Credit Union Instant Payments Real Time Payments Credit Union Service Organization 55