Venmo

The Federal Reserve Board governor sketched out a future in which U.S. banks remain at the center of commercial transactions.

PayPal's latest move to promote Venmo for retail payments may be the company's clearest admission of the limitations of the PayPal brand.

With Apple’s WWDC, Zelle, PayPal’s Venmo and Square Cash, competition in the consumer payments space is about to kick into high gear, writes Josh Hawkins, vice president of marketing for the Boston-based digital payments company Circle.

Many bank-driven responses to fintech startups are "force fitting" traditional services, and don't fully meet new consumers' demands for social interaction, writes Ted Bissell, global director for digital consulting at Axis Corporate.

iMessage funds will come from cards already stored in Apple's digital wallet, and the service will work with Siri, allowing payments via the personal assistant.

Millennials -- a demographic credit unions badly want to capture -- are using P-to-P services to pay for drugs and gambling, and while CUs may not want their members paying for illegal activities with account-connected services, a growing number of institutions also want to be the FI of choice for legal drug businesses.

Mobile and online P-to-P services may be the popular, mainstream payments service of choice for young people who don't prefer cash, but it also has a seedy underbelly, according to new survey data.

Other digital payment companies have not had success with plastic cards. But the lack of expense and potential adoption create an opportunity for Square and Venmo.

Square has long been considered at the vanguard of digital payment innovation, so it may be a little unexpected to see the company take a step backward into physical card issuance.

Innovators offer speed, but banks retain customer relationships and a vast product range that can add services to payments.