Venmo Follows Apple Pay with Uber Integration
PayPal-owned Venmo today announced it inked a partnership with Uber that lets its users pay the ride share company through their Venmo accounts. Apple Pay has had this feature with Uber for over a...
View ArticleJPMorgan Chase’s Active Mobile Users Increases at a Steady Pace
JPMorgan Chase & Co. reported a double-digit percentage rise in active digital users and active mobile users this quarter, according to the 2Q’18 earnings call today. The bank’s digital to mobile...
View ArticleBank of America to Invest $500 Million in Technology to Drive Innovation and...
Bank of America will invest about $75 million per quarter in technology from now through the rest of 2019, the bank reported in its earnings call today. In its Q2 earnings call today, Brian Moynihan,...
View ArticleLead Widens for JPMorgan Chase in Race for Mobile Banking Users
JPMorgan Chase leads the race for the most mobile users among the top three largest consumer banks in the U.S. — still. With 31.6 million active mobile users, JPMorgan Chase is well ahead of Bank of...
View ArticleMobile Banking Apps Get a Blah Net Promoter Score From Consumers, Bank...
Banking consumers take a middling view of today’s mobile banking applications, according to a study by Bank Innovation. In the survey conducted this month by Bank Innovation, banking consumers gave...
View ArticleWith 1.5 Million Customers, Marcus Remains Focused on High-FICO Borrowers
Marcus, the retail arm of Goldman Sachs, is growing at steady pace with 1.5 million customers in its second quarter, as it continues to underwrite loans to a “narrow credit sandbox,” according to CFO...
View ArticleCorporate Banking Customers List Cybersecurity as the Reason They Are...
A majority of U.S. business leaders (owners, managers, and executives) prefer using digital banking, and yet less than half of them have plans of increasing their use of online banking products and...
View ArticleWho Uses SnapChat for Payments Anyway? You’d Be Surprised
Social media platform SnapChat will shut down its P2P payment feature, Snapcash, as of August 30, after launching less than four years ago in 2014. Snapcash has faced a lot of competition from more...
View ArticleBank of America Merrill Lynch Launches Mobile App for Prepaid Commercial Card
With over 25 million mobile bank users on the retail side, Bank of America is shifting attention to ramping the numbers on the commercial side, with the launch of a mobile app for its prepaid...
View ArticleUsers Divided on Starling Bank’s New Debit Card
U.K. neobank Starling is in a mood to switch things up, at least on the design front. Last week, Starling unveiled changes to the payments screen on its mobile app and today it unveiled a new debit...
View ArticleTransaction Volume for PayPal’s Venmo Surges
Venmo‘s payment transaction volume reached an all-time high in 2Q this year, PayPal reported. According to yesterday’s earnings call, Venmo processed $14.2 billion in payment volume during the second...
View ArticlePayPal to Gain 30 Million Active Accounts by Year-end
Payments platform PayPal had $139 billion in total payment volume in 2Q18, up 29% YOY, and expects to add 30 million net new actives by the end of the year, according to the company’s earnings call...
View ArticleStripe Takes on Marqeta with Card-Issuing Product
Payment processor Stripe’s latest platform puts it head to head with Marqeta, a major player in the card-issuing market. Yesterday, Stripe unveiled an end-to-end platform that lets businesses create,...
View ArticleZelle Crosses 100-Million Mark in Transactions Processed
Like other P2P apps, bank-backed Zelle also experienced an increase in its payment volume in the second quarter, but at a relatively less impressive rate than PayPal’s Venmo. Zelle released a report...
View ArticleDigital Banking Consumers Still Don’t Fully Trust Online Bill Pay
Convenience, not trust, is why people choose to pay their bills online, according to Fiserv’s quarterly report on consumer payment trends. The report, titled “Expectations & Experiences: Consumer...
View ArticleProvident Bank to Join Zelle Network Next Month
Provident Financial Services will be implementing the Zelle P2P payment system “later this year,” according to CEO Chris Martin on the bank’s 2Q18 earnings call yesterday. However, Provident Bank...
View ArticleOCC Moves Ahead with Long-Planned and Much-Discussed Fintech Charter
It’s good news for fintechs in lending and payments that want a federal banking license, the Office of Comptroller of the Currency (OCC) has started accepting applications starting today. The fintech...
View ArticleFor the Record, Apple Pay Did Not Beat PayPal in Transaction Volume
Apple Pay crossed one billion transactions in the quarter ending on June 30, CEO Tim Cook said on the Cupertino-based company’s earnings call yesterday. That number, Cook said, represents three times...
View ArticleFiserv Gets Revenue Boost from Zelle
Zelle made a difference to the bottom line of financial technology provider Fiserv, the company reported on its earnings call yesterday. “P2P transactions, including Zelle, grew nearly 30%,” according...
View ArticleDoes a Bank Charter for Square Still Make Sense? CEO Jack Dorsey Thinks So
POS payments provider Square is still interested in pursuing a bank charter, but how? It may be more challenging given that the company will be paying more attention to its customer-facing prepaid...
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