While there have been many false starts, the market for P2P payments is finally taking off in this country; two-thirds of...
Another Profitable Year for Marlette Funding as Best Egg Surpasses $7B of Personal Loans Blockchain RegTech Startup TRM Secures $1.7...
The discussion at American Banker’s annual Digital Banking Conference in Austin last week revolved around new technologies like AI and...
Venmo currently accounts for about 39 percent of PayPal’s digital p2p payments business; PayPal and Venmo only charge users a fee when they use their credit cards, though Venmo has started to diversify their offerings to help PayPal’s bottom line; Venmo has expanded Pay with Venmo and started a instant cashout service which both have fees associated with them; they have seen fast adoption with both and the hopes are that a breakthrough year is coming soon. Source.
Companies like TransferWise, Venmo and PayPal have forced banks in Europe to look at creating their own affordable real-time payments service; the idea is in the early stages but it shows the effect that fintech players can have on the traditional banks; the service would also look to head off the increased competitive threat from open banking which is set to begin in early 2018. Source.
There is a brewing war in the p2p payments space with Venmo and Zelle battling over who is the leader;...
Venmo users have started to use the payments app to show their appreciation to sports stars or celebrities; in most...
According to TechCrunch, scammers are using Zelle to take advantage of customers; a seller of a product who is attempting to defraud customers will ask a customer to pay using Zelle instead of PayPal; many users are not aware that Zelle does not provide some of the same buyer protections that PayPal has been known for; Zelle is more similar to Venmo for transferring money to those you trust. Source
After a successful pilot last summer Venmo has started to roll out instant bank transfers; the service will require a Visa or Mastercard debit card and allow for transfers to be done within 30 minutes for $0.25 fee; the free version of bank transfers will remain; PayPal, who owns Venmo, hopes the instant transfers will help with revenues. Source.
PayPal has helped to secure the ability for Venmo payments to be accepted at over 2 million retailers; users will be able to make purchases in store and online using the Venmo app; the move will help PayPal to get merchants interested in other products and allows them to begin monetizing Venmo; the strategy is another piece of good news for PayPal as just this week they surpasses Amex in market cap. Source.