Big banks are coming together to take down Venmo. Last year $379 billion was transferred through online and mobile—Venmo processed $7.5 billion—and Ypulse’s monthly survey found that 11% of 18-34-year-olds use peer-to-peer payment apps in an average month. Now seven big banks are banding together to release a money-transfer service to compete. Since most banks, like Chase, have transfer services built into their apps, the idea is to rebrand the services into “something more cohesive.” It reportedly won’t be a separate app, but a “single consumer-facing brand.” The service would allow consumers from different banks to transfer money to each other “for free and in real-time.” (Quartz)
