US banks com­bine with pay­ment app to take on PayPal

The Myanmar Times - - Business -

MA­JOR US bank­ing groups will join forces for a new per­son-to-per­son mo­bile pay­ment ap­pli­ca­tion to counter ser­vices like PayPal’s Venmo and Square Cash.

The new app called Zelle will launch in 2017 and give con­sumers the abil­ity to in­stantly send and re­ceive pay­ments us­ing a smart­phone.

“Zelle will trans­form how peo­ple man­age their fi­nan­cial lives, pro­vid­ing them faster, safer, and more con­ve­nient pay­ment op­tions with their friends and fam­ily,” said Paul Finch, chief ex­ec­u­tive of­fi­cer of the bank­ing tech­nol­ogy firm Early Warn­ing, which made the an­nounce­ment.

“We are pleased to part­ner with the lead­ing fi­nan­cial in­sti­tu­tions and fi­nan­cial ser­vice or­gan­i­sa­tions in the coun­try to make our vi­sion for faster pay­ments a re­al­ity for mil­lions of con­sumers nationwide.”

Zelle will be open to all banks in the US and ac­ces­si­ble to some 76 mil­lion mo­bile bank­ing users.

To date, 19 fi­nan­cial in­sti­tu­tions in­clud­ing eight of the largest US re­tail banks, have joined the Zelle Net­work, ac­cord­ing to Early Warn­ing.

The new ser­vice aims to woo con­sumers away from non-bank ser­vices that al­low money trans­fers such as Venmo and Square Cash.

Be­cause it in­volves the banks them­selves, the ser­vice will al­low re­cip­i­ents to in­stantly get use of the funds in­stead of wait­ing one or two busi­ness days. –

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