Is Zelle on Track to Dominate the P2P Market?

By Preston Packer |

Sep

06

P2P payments are no longer an everyday essential reserved just for millennials. There has been immense growth in the P2P marketplace in terms of the volume transferred, as well as the number of users on these platforms. Paypal’s Venmo was the first P2P app to gain popularity, but now faces competition as many other services have started popping up. Zelle, launched just one year ago, to the surprise of many, overtook the P2P market quickly with their real-time payment service. In 2017 Zelle processed $75 billion, whereas Venmo came in at less than half of that with $35 billion in transactions. Considering Venmo revolutionized P2P payments, what is it that Zelle has done to gain such a following?

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Are P2P Payments Slowly Overtaking the Financial Services World?

By Preston Packer |

Jul

03

In a bid to further their already extensive reach to young users, Venmo announced last week that they will be offering a debit card to their users. PayPal-owned Venmo is one of the most popular peer-to-peer payment service apps, and as the P2P market heats up, this is clearly an effort to take the lead that others will likely follow. Feeling pressure from Zelle, a network comprised of a consortium of some of the largest banks in the United States, who launched an app allowing their customers to send money to each other instantly via smartphones last year. Venmo is taking advantage of their speed to market to gain more users, but what does this mean to your credit union?

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