蘑菇AV

These measures could help the provider sustain its growth trajectory: Zelle, which is the most popular P2P payment platform by volume, is on track to hit $531.01 billion in US transaction volume by the end of 2022, per Insider Intelligence forecasts. By next year, that number is expected to reach $708.37 billion. The bigger picture: Fraud is an industrywide issue in the P2P payment space.

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.

Alloy Labs Alliance鈥檚 open network for community banks that enables P2P payments at a lower fee structure鈥攁nd a lower transaction ceiling鈥攃ould grow its uptake. It鈥檚 also plausible that pushback from smaller FIs could shift the Zelle reimbursement plan鈥攚hich is still being finalized鈥攐r influence future regulation governing P2P fraud responses.

PayPal wants to build out its digital wallet and strengthen its peer-to-peer (P2P) payments value proposition by streamlining customer onboarding and reducing payment declines. It will also expand its unbranded checkout offerings, like the PayPal Commerce Platform. Related content: Check out our PayPal report to learn about the key factors influencing the firm鈥檚 growth.

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.

The $11 trillion US payment card network is developing new strategies to turn threats from fintechs, homegrown networks, and rising regulatory scrutiny into growth opportunities.

EPI wil pilot a digital wallet and instant payments system after axing its plans for a pan-European payments network

The digital wallet is already the top P2P service among teens. Its youth-facing products could help monetize the app

Virtual cards are an investment in a common payment method: We expect that virtual cards will become more valuable as consumers鈥� use of virtual wallets rises. No. 4: Transfers. Category Value: 15.3%. Why It Matters. Transfers features are vital to neobanks in the competition against peer-to-peer (P2P) payment services that are co-opting neobank features.

Digital payment methods continue to displace cash and checks in the US payments ecosystem. But after a pandemic-driven crest, growth is moderating amid economic uncertainty, resetting the stakes for share of wallet.

The wallet offers peer-to-peer (P2P) payments, retail payments, and bill pay. Why it matters: Despite launching just over a year ago, Lynk has the potential to be a formidable player in Jamaica鈥檚 mobile wallet space. It reached $9.8 million in payments volume and was the third-most-popular financial Android app in Jamaica, according to web analytics firm Similarweb.

Prior to the federal judge pausing these firings, CFPB leadership announced the agency will deprioritize issues like medical debt, P2P lending, student loans, consumer data protections, and digital payments.

Gen Zers are flocking to emerging payment methods, but card-based options, led by debit cards, remain supreme. Payment providers must align offerings with Gen Z鈥檚 preferences now as their spending power grows.

This year, the payments industry will face its first major test following pandemic-driven digitization as economic uncertainty pressures customer habits. This is the data you need to understand the major changes facing the payments ecosystem in 2023鈥攁nd how to navigate them.

This article originally appeared in Insider Intelligence's Payments Innovation Briefing鈥攁 daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily. Are you a client? Click here to subscribe. Want to learn more about how you can benefit from our expert analysis? Click here.

The banks鈥� new payments service might seem redundant with Zelle, but there are some key reasons why they might benefit from this move:. Better fraud controls: Rampant fraud has plagued Zelle, and banks may have to reimburse customers affected by payment scams.

Gen Z is the first mobile payments-native generation. By 2028, 67.8% of US adults will be mobile wallet users, per our forecast. Gen Zers are already way ahead: 85.1% made an in-store or online payment using their phone in 2023, according to Federal Reserve Bank of Atlanta.