The market for P2P payments is finally taking off after years of false starts, but there are still many unanswered questions. The biggest one: How do banks get value out of offering this service free of charge?
Zelle processed 116 million transactions during the third quarter as its payment volume jumped to $32 billion, while Venmo's volume increased 78% to nearly $17 billion.
Despite a reputation for being the go-to P2P app of digital natives, Venmo is once again pushing its market in the opposite direction with the debut of a plastic card.
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.
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.
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.
