Zelle posts another big quarter of growth as banks take on Venmo, Square Cash [MarketWatch]
Block, Inc. Class A, (SQ)
Last block, inc. class a, earnings: 2/26 04:05 pm
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Source: MarketWatch
Zelle posts another big quarter of growth as banks take on Venmo, Square Cash Money-transfer service Zelle — banks’ answer to Venmo — continues to gain traction with users and financial institutions, showing that there’s much room to run in the peer-to-peer payments space. Early Warning Services, the operator of Zelle, reported fourth-quarter payment volume of $35 billion on Thursday. That was up 12% from the third quarter and up 61% from a year earlier. The network processed 135 million transactions during the period. PayPal Holdings Inc. PYPL, +2.72% which owns Venmo and offers peer-to-peer payments on its core service as well, doesn’t report its fourth-quarter numbers until next Wednesday. In recent quarters, Zelle has outpaced Venmo in terms of volume but fallen short of the larger PayPal network when including PayPal-branded money transfers. Square Inc. SQ, +3.26% which runs the peer-to-peer Cash app, gives out volume details sparingly. Helping to drive Zelle’s growth is a
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