Big banks’ response to Venmo is rolling out this year. Zelle is a peer-to-peer payment system that will allow consumers of 19 major U.S. banks to make instant payments to each other and has already been integrated into Bank of America’s mobile app. Venmo is a “force to be reckoned with,” processing $17.6 billion in payments last year, but Zelle aims to be bigger by focusing on the user experience like “security and the rapidity of payments” instead of the social aspect. The new system will also help banks retain consumers by keeping them engaged, just as PayPal, Square, and Venmo have successfully done. (Digiday)
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