Money20/20 USA is a couple of weeks away, and the scars on my feet from last year’s event still have not fully healed. Money20/20 is the largest event for financial services, and it presents an amazing opportunity to find out what is happening in our industry as well as connect with colleagues from across the globe. This year, I’m excited to be hosting a panel with representatives from Western Union and TD Bank titled How Technology and Collaboration Will Bridge Banking and the Money Transfer Business.
I love Zelle! In fact, I was one of Zelle’s earliest adopters in the days when it was clearXchange. In my opinion, being able to send payments to another person from my bank account using my mobile phone is the best invention since sliced bread and online banking (which eliminated the need to ever balance a checkbook again). Every time I need to pay someone, I try to use Zelle. And I really am a brand evangelist for Zelle—not only do I spend my days researching and writing about the person-to-person payments market in general, but I also tell all my friends and family to give Zelle a try.
It’s been just a few days since I published my latest report on the digital person-to-person payments landscape in the U.S., and recent announcements in the industry have already made some of the information in the report a little …. well, passé, I guess. This signals the intense competition, continuous innovation, and perceived importance of digital P2P payments as part of the core business model for both financial institutions and alternative providers.
Here’s what’s happening:
At its Retail (R)Evolution event in April 2017, Pitney Bowes shared research revealing that 94% of global consumers made a domestic online purchase within the last year, nearly half made purchases monthly, and one-quarter made purchases weekly. Pitney Bowes also found that two-thirds of consumers have made a cross-border purchase in the last year.