Venmo

As competition from the bank-powered Zelle mounts, the popular social P2P app Venmo is phasing out support for online payments in favor of its mobile app.

Chief among the tips shared at Digital Banking 2018 were: be willing to experiment, seek out partners, rethink cost-cutting and small banks should stop making excuses.

Banks using Zelle share the good, the bad and the indifferent of the person-to-person payment network.

There are lots of layers technology risk-mitigation features, and in addition, network-level mitigation is provided as well, writes Robb Gaynor, chief product officer at Malauzai.

Customers are sprinkling symbols into their texts, and it's a challenge for banks to fine-tune systems to support the use of the cartoon code in communications.

Venmo is for consumer payments, but that same simplicity can benefit corporate payments, writes Jay Dearborn, president of corporate payments at Wex.

By adding direct deposit for payroll, Square is diversifying the Cash App as it competes in the P-to-P space with Venmo and Zelle.

Venmo’s app succeeded in becoming a ubiquitous way for young people to send money back and forth. It has been less successful at creating a sustainable business.

The Federal Trade Commission contends Venmo misled consumers on funds availability and security disclosures
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As an industry, we owe it to our customers and end users to deliver banking and payments that function in real-time and meet their expectations, writes Paul Kobos, senior vice president of banking & payments for Gemalto.

It’ll be up to card not present payment processors to ease the path toward acceptance of cryptocurrencies for subscriptions, and it could be another five years or more before any of that comes to fruition, writes Georg Richter, founder and CEO of OceanX.

To pitch their payments system of the future, U.S. banks hired Daveed Diggs, an actor best known for playing Thomas Jefferson and Marquis de Lafayette in the Broadway musical "Hamilton."

For financial institutions to match Venmo and Apple Cash's power, they need an embedded, mobile and social payment strategy, write Richard Crone and Heidi Liebenguth of Crone Consulting.

PayPal has been working to expand Venmo's audience beyond millennials for more than a year, a strategy that it hopes to further with instant transfers.

Fast growth in use of the bank's instance of the person-to-person payments product indicates it could one day rival Venmo.

For payments to keep up, merchants need to focus on the shift to subscriptions and the true personalization of processing, writes Suneera Madhani, CEO and founder of Fattmerchant.

Interac's e-transfer system has jumped in usage, and has become a gateway for myriad other services including a collaboration with MoneyGram.

Financial services organizations increasingly need an unwavering commitment to customer experience in order to compete, or the competitor down the street will do it first, writes Chris Millner, a principal of financial technology and a payments consultant at North Highland.

Apple Pay Cash is chasing peer transfer share in a maturing market, going up against long-established services like Venmo, Square Cash and the bank-powered Zelle.

Some of the most successful recent innovations in payments started with peer-to-peer services before evolving into other products, writes Amitaabh Malhotra, chief marketing officer at Omnyway.