A side note to the reported vulnerability of Zelle, which enablesreal-time consumer payments, may be that the jury is still out onthe peer-to-peer network with many financial institutions.

In 2017, 63.5 million U.S. users accessed mobile P2P paymentapps on the way to a projected 113.5 million by 2021, according toStatista. In its January 2018 Monkey Insights. Austin, Texas-baseddigital banking provider Malauzai Software, said in 2017 P2Ppayments increased by 30%. “The big news around P2P is growthcontinues, but not as robust as last year,” chief product officerRobb Gaynor of Malauzai said. He added more than 11% of creditunions and banks now have P2P available.

P2P payments are not quite taking consumers by storm. “We doknow P2P can work. Venmo proves it and Venmo (PayPal) does itwithout a bank in the middle,” Gaynor advised. Venmo revenue forthe first quarter 2018 was $3.69 billion; with $132 billion intotal payment volume, and $49 billion coming from mobiletransactions.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).