PayPal moves Venmo to money transfers in the wake of Apple’s and Zelle’s being hard on heels

20 June 2017

VenmoIn a move to be in a good position in the tightening competition in the payment services market PayPal made a decision to launch a new feature within its Venmo payment platform allowing customers to make money transfers to bank accounts using permitted debit cards within a short time. The new functionality comes as a beta trial and will be available to users across the United States within the coming months.

PayPal teamed up with Mastercard and Visa over the new initiative despite their long history of fierce rivalry. The money transfer option may be used with allowed Visa or Mastercard debit cards tied to their accounts and will cost 25 cents per a transaction.

While PayPal made an attempt to present the launch under the guise of its closer partnership with banks and card issuers, the announcement is made just at the time when Zelle is joined by a number of leading banks in the US, posing a notable competition to PayPal and Venmo.

Zelle plans to introduce the platform based whereon over 30 participating banks and financial institutions will be able to develop their own mobile banking applications with the stand-alone Zelle branded mobile app scheduled to launch later in 2017.

Apple is also at the back of the pack planning to offer P2P payments service within the new iOS version, allowing its flagship smartphone holders to make money transfers and receive money right in the Messages box.

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