A year after its launch, Zelle’s P2P payment volume has rapidly expanded through usage at the nation’s largest banks. But enabling smaller institutions to offer it to their customers is proving to be more challenging.
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.
For bankers and network providers, it’s a given that moving to a real-time payment system like Zelle will lead to an increase in fraud attempts. Here's a look at the ways they're fighting back.
The irony of the explosive growth of mobile P2P is this: As consumers get more comfortable with paying one another through mobile devices, they're thinking of P2P less as a service that one should find within a bank's app.
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.
