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.
- ECB survey finds cash still dominates payments in the euro zone
- Bangkok street food vendors switch to mobile payments
- Starling Bank integrates third party rewards into open banking platform
- Sberbank to build ID platform that supports face, voice and retina biometrics
- Messaging app Line reports 40m mobile payment users