Competition among peer-to-peer payment apps like Venmo, PayPal, Cash App and Zelle have been heating up for the past 10 years. The big banks tried to compete in the space when PayPal first came on the scene 25 years ago, but their business models failed. Now, Zelle, a seven-bank platform, is outpacing its rivals in average transaction value. But a rise in reported fraud activity recently got the attention of Congress, with allegations that the banks aren't supporting those affected customers.
More than half of smartphone users in the U.S. are sending money via some sort of peer-to-peer payment service to send money to friends, family and businesses.
Zelle, which launched in 2017, stands out from the pack in a few ways. It's owned and operated by Early Warning Services, LLC, which is co-owned by seven of the big banks and it's not publicly traded. The platform serves the banks beyond generating an independent revenue stream. "If you're already transacting with your bank and you trust your bank, then the fact that your bank offers Zelle as a means of payment is attractive to you," said Terri Bradford, a payment specialist at the Federal Reserve Bank of Kansas City.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
PayPal CEO Dan Schulman to leave at end of 2023, company begins search for successorPayPal CEO and president Dan Schulman is retiring from the company and will leave at the end of 2023.
Weiterlesen »
PayPal CEO plans his exit, stock rises after earnings and forecast beatPayPal posted fourth-quarter net income of $921 million, or 81 cents a share, up from $801 million, or 68 cents a share, in the year-earlier period. After adjustments, $PYPL earned $1.24 a share, whereas analysts were expecting $1.20 a share.
Weiterlesen »
PayPal CEO plans his exit, stock rises after earnings show 'inflection point'PayPal posted fourth-quarter net income of $921 million, or 81 cents a share, up from $801 million, or 68 cents a share, in the year-earlier period. After adjustments, $PYPL earned $1.24 a share, whereas analysts were expecting $1.20 a share.
Weiterlesen »
Stocks making the biggest moves after hours: Lyft, Expedia, Yelp, PayPal and moreThese are the stocks posting the largest moves after the bell.
Weiterlesen »
PayPal forecasts strong full-year profit, says CEO to retire at year-endPayPal Holdings Inc forecast full-year profit above Wall Street estimates on Thursday and said Chief Executive Dan Schulman will retire at the end of 2023, after nearly eight and a half years at the payment firm's helm.
Weiterlesen »
PayPal CEO Dan Schulman to RetirePayPal CEO Dan Schulman said he will retire from the company at the end of 2023, ending a nine-year run atop the payments giant
Weiterlesen »