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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) 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. 
Zelle is closely linked to the user’s bank account.  It is set up easily by the consumer, particularly if the Zelle service is already available in a particular bank’s mobile app.  Otherwise, the consumer can download the Zelle mobile app and link to the consumer’s bank account.
These services were designed primarily as a way for consumers to easily and safely interact with family and friends.  (They have been adopted to a minor degree by small businesses.)  They were launched without guarantees regarding the trustworthiness of the party you are paying.  Unfortunately, some scammers have preyed on Zelle users.  For example, unscrupulous third parties advertising a product or service on Craigslist or some other web site have been known to ask to be paid via Venmo and then never delivered the product or service that was promised.  Zelle and Venmo have consistently encouraged their users to send payments only to parties that they know and trust.

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