Zelle and payment futures: WePay's Week in Payments
This week’s news in payments was dominated by one big announcement: US Banks launched a P2P payment solution, Zelle, aimed squarely at Venmo. PYMNTS.com has a great roundup of what was announced and by who. The participating banks include a huge list, so this is very much a well thought-out market entry. But it is still a long way behind the market leader, Venmo. Here are some of the leading banks taking part: Ally Bank, Bank of America, Bank of the West, Capital One, Citi, Citizens Bank, Comerica Bank, First National Bank, JP Morgan Chase, KeyBank, Morgan Stanley, SunTrust Bank, TD Bank, U.S. Bank and Wells Fargo.
But what does it mean and where is his market headed? For the answer we turn to The Financial Brand and Ron Shelvin. He takes a look at this red hot space now in play between Venmo, Apple, Zelle and more.
In other payments news, Research N Reports has an in depth report on next generation payment technology that among other things predicts a combined annual growth rate (CAGR) of 36% by 2022 for the industry.
That’s about it for hard news this week, however. But in analysis and opinion there is plenty to read. Practical Ecommerce has a piece essentially about the death of static fraud protection. It’s no longer sufficient to counter the growth in card not present fraud. The argument is that it is time for intelligent fraud protection. We couldn’t agree more. WePay has leading machine learning fraud protection backed by human experts.
PYMNTS.com has a couple of great interviews with payments industry leaders. First off there is a discussion with Nelson Holzer of AEVI about the future of ecommerce and how online payments are enabling global growth. Then there is a report on how AirBNB handles payments as a platform operating in the sharing economy. It’s also got a link to PYMNTS.com’s latest platform payments tracker.
Finally, our own Abby Chaffat reported on a panel she participated in at the K(NO)W Conference on the possibilities for global digital identities and how they could revolutionize online payments.