Many of Zelle's member banks chose to migrate clearXchange users to the relaunched service. It's a potential convenience, but if executed without end-user awareness or consent it can irritate consumers.
In order for Apple to achieve significant success with its upcoming P-to-P service, the tech titan needs to expand the amount of people who can use the payments feature.
The bank-owned person-to-person network formally went live Monday, enabling direct transfer of funds across 30 U.S. financial institutions. There are a lot of questions around whether it can compete with the current kings of P-to-P — Venmo and PayPal — but Zelle may not be aiming to take them head-on just yet.
Apple formally announced the debut of its rumored Venmo-like P-to-P service, and as with anything Apple-related, it's deeply embedded into the overall Apple ecosystem.
The rapid advancement of social media platforms into the payments and finance markets, as well as millennials' devotion to apps like Venmo, were major factors driving a 47% increase in the U.S. digital person-to-person payments market last year.
American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.
When Zelle launches, it will not allow users to share information about their payments with other folks in their network. That decision puts the P-to-P service on a different course than Venmo, its fast-growing rival.
EQ Bank, BankMobile and solarisBank offer insights into how they built their digital-only banks with design thinking, new products and money management tools.
