Person-to-Person Payments

Most bankers know that today’s payments are broken. From keeping pace with evolving customer experiences, to navigating the changing regulatory environment, to overcoming competitive threats from nonbanks, many have become so frustrated they are debating whether to abandon some in-house payments channels entirely. Consumers, too, are becoming frustrated with the …

Varo Bank entered the peer-to-peer payments fray with Varo to Anyone, which allows Varo accountholders to send funds to anyone who holds a U.S. debit card. Varo says the service carries no fee. Mitek Systems Inc. announced it has agreed to offer its biometric-based identity verification technology to complement the credit-reporting agency Equifax Inc.’s …

Block Inc.’s Square and Cash App units began experiencing system outages late Thursday, according to news reports. Cash App’s outage reportedly affected peer-to-peer payments, cash-ins, and cash card transactions. At Square, engineers reported early Friday they were deploying a solution. Point-of-sale system maker iPOS Systems has enabled Tap to Pay on iPhone for U.S. …

Sending cash with birthday cards in the mail is risky, but now Hallmark Cards Inc.’s service with Venmo makes it easier and presumably safer. The new Hallmark + Venmo line of cards includes a QR code inside the card that recipients scan to receive the funds to their Venmo accounts. …

In-store debit card payments made using mobile devices in Canada surged 53% during the 12-month period ended July 31, compared to the same period a year earlier, according to Interac Corp., Canada’s national debit network. In addition, e-commerce transactions made using a mobile device increased 17% year-over-year during the same …

Paysend Group is embarking on a campaign to make its name known among U.S. Hispanic peer-to-peer payments users with an advertising campaign and an offer of fee-free money transfers to Latin America, at least initially. Having opened a U.S. office in 2022, London-based Paysend hopes its advertising campaign, which debuts …

Consumer affinity for in-person transactions that reduce points of contact are taking hold as contactless payments made with debit cards swelled to 16% of the U.S. card-present share last year from 8% in 2021. It’s a similar story with debit cards used with mobile wallets. Their use increased from 5% …

Upgraded, a service that lets Apple MacBook buyers pay over time, announced it is launching in the United States in a partnership with Citizens Pay, a point-of-sale financing service of Citizens Bank. Adyen NV, a Dutch payments platform that competes in the U.S. market against companies like Stripe, Fiserv, PayPal, …

PayPal Holdings Inc. announced early Monday that Alex Chriss, a long-time executive at Intuit Inc., will take over in September as chief executive, replacing Dan Schulman, who in February triggered the hunt for his successor when he announced he would retire later this year. Chriss, a 19-year veteran at Mountain …

Early Warning Services LLC, which operates the Zelle peer-to-peer payment network, announced early Friday it has appointed Cameron Fowler as chief executive, effective October 2, 2023. Fowler replaces Albert Ko, who left the company in May to become CEO of Auctane, which provides shipping software and operates such brands as …