Home > Banking, Mortgages & Lending > Peer-to-Peer (P2P) Payment Systems, such as Zelle and Venmo, Soar in Popularity

Peer-to-Peer (P2P) Payment Systems, such as Zelle and Venmo, Soar in Popularity, Business and Industry Trends Analysis

One of the biggest areas of growth in payments technology lies in making it easier and faster for consumers to digitally transfer money to their friends and family. For example, six friends go out to dinner. One person pays for the meal. The other five digitally remit their proportionate share to the person who paid. Platforms like Zelle (owned by Early Warning LLC) and Venmo (owned by PayPal) make it easy to accomplish this instantly—before they leave the table. Square Cash (owned by credit card processing firm Square, which is part of Block, Inc.) is another, but less popular, example.

Venmo enables users to transfer money that’s existing in their Venmo accounts. They can also link to their bank accounts or debit cards. Money can be moved effortlessly from their Venmo accounts to their bank accounts. Venmo is also usable as something of a digital debit card, as many websites and apps accept it as a payment method.

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