PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

P2P Payments Seeing Triple Digit Growth

Sarah Grotta by Sarah Grotta
April 17, 2018
in Analysts Coverage
0
Zelle Reports a New Payment Transaction Milestone - PaymentsJournal

Zelle Reports a New Payment Transaction Milestone

3
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

In their quarterly announcements, Bank of America reported that their person to person (P2P) solution Zelle is doing quite well, with growth exceeding 130% over last year.  MarketWatch provided some more details regarding the announcement:

Bank of America said in conjunction with its first-quarter earnings report Monday that it processed 29 million peer-to-peer payments during the quarter through Zelle, a joint platform that many big banks use to let customers send and receive money from friends who belong to any participating bank. That marked 130% growth from a year earlier and represented $9 billion in volume.

A couple of other points were made in the article which deserves highlighting.  P2P growth is occurring across the board with the bank and with Fintech organizations like PayPal and PayPal’s Venmo.  P2P is reaching the stage of a mainstream banking product.  And P2P payments are expanding far beyond a money movement tool for millennials.  Like when parents and grandparents starting using “The Facebook”, P2P transactions are now being adopted by old people too:

By introducing their own peer-to-peer option, the big banks aren’t necessarily out to destroy PayPal and Venmo. During Bank of America’s conference call Monday, Chief Executive Brian Moynihan cited Zelle in response to a question on how the company’s digital initiatives were helping to cut costs.

Zelle and peer-to-peer payments are “getting more meaningful,” he said, and are just one way the company is working to displace cash and checks, which are costly for banks to process and handle. Things are “not going to be immediately changed,” he contended, but Bank of America is taking some steps in the right direction.

The various peer-to-peer offerings serve different types of users, and it’s likely that winning in this space won’t be a zero-sum game, especially when Americans are spending trillions of dollars in cash each year.

Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group

Read the quoted story here

Tags: Bank of AmericaP2PZelle
3
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    eCommerce On Social Media, social commerce

    The Rise of Social Commerce and Social Payments

    February 3, 2023
    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix