Zelle

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.

The P-to-P payments service promises to clear transactions in near-real time, but many consumers have complained that they have been unable access their money or even open accounts. Zelle has acknowledged the delays and says they are a result of its rigorous enrollment process.

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

Some firms are investing in technology to help insurance clients shift to paperless payment processing.

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.

The bank-powered P-to-P app Zelle officially launched in June with a mostly consistent brand across all of its bank partners, but it still struggles with awareness over PayPal's Venmo, which doesn't share its advantage of living inside banks' mobile apps.

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.

The person-to-person payment service, the big banks’ answer to Venmo, is scheduled to launch a stand-alone app next week.