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But the social media platform may struggle to get its users on board unless it can differentiate the P2P service from its peers

Customers can use the stablecoin for P2P payments between PayPal, Venmo, and third-party wallets and for fee-free remittances via Xoom. While PayPal has not released any of its own data on the stablecoin, so far, adoption seems to be minimal. PYUSD鈥檚 market cap is $503.23 million, per CoinMarketCap, making it the seventh-largest stablecoin.

The rule would require larger payment apps to be regulated like banks. Ending this rule would be a win for Apple Pay and Google Wallet

It鈥檚 a major win for the P2P player as the Trump administration dismantles the agency

This feature will help Venmo catch up to other P2P apps and bring in more frequent users.

Starting March 23, Chase will 鈥渄elay, decline, or block鈥� payments using its discretion and may also request more information when consumers add a payment recipient to Zelle. Chase said Zelle was never intended to be used as a payment mechanism for buying things on social media. It鈥檚 designed to send money between trusted friends and family members.

Fraud concerns aren鈥檛 slowing down the P2P player as its growth outpaces peers

It opened up its ecosystem and seemingly gave up its grand financial services ambitions. But it鈥檚 still a major payments player.

While meme coins don鈥檛 have a long-term future as a payment method, there is growing momentum for stablecoin crypto payments

While this base uses Venmo mostly for peer-to-peer (P2P) purchases, the app is quickly growing its buy button鈥檚 base: The number of monthly active Pay with Venmo users shot up 20% YoY in Q3. Adding Venmo as a payment option can boost JetBlue鈥檚 appeal among younger consumers: 45% of millennials and 42% of Gen Zers use Venmo, per a March 2023 survey from The Motley Fool.

Visa+ will connect Venmo and PayPal before expanding to other wallets. Here's what it means for P2P apps.

Zooming in on Cash App: Services outside of Cash App鈥檚 popular peer-to-peer (P2P) payments product were key growth drivers this quarter. The number of Cash App Card active users increased 11% YoY, totaling 24 million. And spend per active user also increased on a yearly basis.

P2P payments platforms Cash App and Venmo are also under fire over fraud concerns. Firms can harness fraud-fighting tools: Jack Henry and other B2B payment firms can win new clients through their technology鈥檚 fraud-preventing potential. Companies that embrace this tech can bolster their reputations and attract new users who may be concerned about the risk of fraud on P2P payment apps.

The update should help consumers feel safer using the P2P app, which may help boost Apple Cash adoption

The peer-to-peer (P2P) payment service is becoming more popular with the demographic, but only 18% of upper-income adults use Cash App, according to Pew Research Center. They want more options for how to use their money on the app, Dorsey said at a JPMorgan Chase investor conference, per Payments Dive. Why widening appeal could work:.

As younger generations use the P2P app for more of their banking needs, it鈥檚 still missing key financial services.

Credit card-enabled peer-to-peer (P2P) payments can tap transactions that play a huge part in consumers鈥� financial lives. It鈥檚 a trillion-dollar opportunity for issuers: US mobile P2P payments transaction value alone will top $1.139 trillion in 2023, per our forecast.

Payment volumes: Block processed $218 billion in P2P volume and $183 billion in commerce solutions for Cash App. Square鈥檚 GPV ($64.2 billion) jumped by 10%, with international payment accounting for 18% of the growth in Q2. Growth points: Block excelled this quarter at shipping new products quickly, rolling out Cash App Afterpay, and serving the younger generations鈥� financial needs through Cash App.

While the lawsuit may not go anywhere under Trump鈥檚 CFPB, the P2P platform鈥檚 continual fraud concerns may damage its reputation

US mobile peer-to-peer (P2P) payments transaction value will grow 11.3% by the end of 2023 to reach $993.28 billion, per our April 2023 forecast. Zelle, with $485.32 billion in P2P transaction value, makes up nearly half (48.9%) of that number. Though Zelle has some reputational issues associated with fraud, it鈥檚 still the market leader in P2P payments.

Three-quarters of smartphone users will send mobile P2P payments by 2028. Mobile proximity payments are entering the mainstream. In-store retail payments are going contactless amid broadening payment method choice. Digital wallets will approach half of POS transaction value share by 2027.

B2B payments are fast becoming the biggest opportunity for stablecoins to gain traction鈥攏ow PayPal has to convince everyone else.