America’s biggest banks have launched a money-transfer app to compete with PayPal, Venmo and Square Cash, Reuters reports. Zelle, developed by bank-owned Early Warning Services, is built on top of a payments network that connects the country’s five biggest banks — and others — including Chase, Citi and Bank of America. Another 20 banks will be added early next year. “This is about creating a wide, and inclusive, alternative to cash and checks for everyone,” says Early Warning Services chief executive Paul Finch.
- Copenhagen Business School lets students make payments with just their finger — no card or smartphone required
- Contactless payments are now used for half of all public transport journeys in London
- Samsung Pay to go live in South Africa in June
- Walmart files blockchain payments data storage patents
- Card networks to co-develop single buy button for online transactions