Venmo can now instantly transfer money to your debit card for 25 cents
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Re: Venmo can now instantly transfer money to your debit card for 25 cents
#2Zelle [1] moves money in minutes, with no charge [2], as long as your bank is a participating institution [3] and you've previously enrolled. Hard to see Paypal competing against a syndicate owned by major financial institutions (Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo).
At the same time, all of these efforts die as soon as ACH modernization arrives [4], as shown by SWIFT instant payments (which occur in a matter of seconds between institutions) [5][6].
Disclaimer: No affiliation, just a fintech enthusiast.
[1] https://wikivisually.com/wiki/ClearXchange
[2] https://www.zellepay.com/support/how-long-does-it-take-to-re...
[3] https://www.zellepay.com/get-started
[4] https://fedpaymentsimprovement.org/
[5] https://www.swift.com/your-needs/instant-payments
[6] https://www.npr.org/templates/transcript/transcript.php?stor...
Re: Venmo can now instantly transfer money to your debit card for 25 cents
#3Free instant transfer was my favorite part of Square Cash, too bad they now charge a 1% fee.
Re: Venmo can now instantly transfer money to your debit card for 25 cents
#4This is similar to what Google Wallet does right?
Re: Venmo can now instantly transfer money to your debit card for 25 cents
#5Zelle [1] moves money in minutes, with no charge [2], as long as your bank is a participating institution [3] and you've previously enrolled. Hard to see Paypal competing against a syndicate owned by major financial institutions (Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo). At the same time, all of these efforts die as soon as ACH modernization arrives [4], as shown by SWIF…
It works out of the box with chase and you don't need the app, and you don't need to fill out any forms to make it work.
This makes checks obsolete for me. The only advantage they had was 0 fees, but now zelle is my best option for price and speed.
Re: Venmo can now instantly transfer money to your debit card for 25 cents
#6Zelle [1] moves money in minutes, with no charge [2], as long as your bank is a participating institution [3] and you've previously enrolled. Hard to see Paypal competing against a syndicate owned by major financial institutions (Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo). At the same time, all of these efforts die as soon as ACH modernization arrives [4], as shown by SWIF…
It works out of the box with chase and you don't need the app, and you don't need to fill out any forms to make it work. This makes checks obsolete for me. The only advantage they had was 0 fees, but now zelle is my best option for price and speed.
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Re: Venmo can now instantly transfer money to your debit card for 25 cents
#7Zelle [1] moves money in minutes, with no charge [2], as long as your bank is a participating institution [3] and you've previously enrolled. Hard to see Paypal competing against a syndicate owned by major financial institutions (Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo). At the same time, all of these efforts die as soon as ACH modernization arrives [4], as shown by SWIF…
Venmo has pretty strong network effects, to the point that its users use “Venmo” as a verb. That will be tough to overcome.
Re: Venmo can now instantly transfer money to your debit card for 25 cents
#8Zelle [1] moves money in minutes, with no charge [2], as long as your bank is a participating institution [3] and you've previously enrolled. Hard to see Paypal competing against a syndicate owned by major financial institutions (Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo). At the same time, all of these efforts die as soon as ACH modernization arrives [4], as shown by SWIF…
Venmo has pretty strong network effects, to the point that its users use “Venmo” as a verb. That will be tough to overcome.
Venmo doesn't have the capabilities of a checking account, which most adults need and Venmo is unlikely to offer (direct deposit, bill pay, etc).
Re: Venmo can now instantly transfer money to your debit card for 25 cents
#9Listening the HT Guys podcast earlier today highlighted that apparently your transactions are not private by default—one of the hosts could inspect his contacts’ dealings with impunity.
In Denmark, we have MobilePay and it is everywhere—I very rarely need to use cash to pay someone, and it certainly has made sharing a restaurant bill a breeze.
Re: Venmo can now instantly transfer money to your debit card for 25 cents
#10Free instant transfer was my favorite part of Square Cash, too bad they now charge a 1% fee.
How were they making money previously?