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PYUSD can be used to make transfers for free between the PayPal and Venmo apps. Users can also send PYUSD to compatible external wallets for a fee. In March, it began offering fee-free remittances via Xoom using the stablecoin. Our take: PayPal is betting on the future of stablecoins and wants to be a frontrunner when the asset takes off.

The deal will let Ticketmaster customers check out with PayPal, PayPal Pay Later, and Venmo. Live Nation will also make PayPal Braintree its primary global payment processor. The agreement includes a global marketing program鈥攕ome PayPal and Venmo customers will receive ticket discounts and other perks for popular music festivals.

Twitter鈥檚 user count this year will be two-thirds that of Venmo alone, not to mention Cash App, among other platforms with super app potential. The big takeaway: In its current form, dogged by low trust and a stale platform, Twitter, or X, isn鈥檛 capable of realizing its potential as a super app for social media, messaging, shopping, payments, or investing as we know them.

These include PayPal, Apple Pay, and Venmo. 4. Consumers are spending more time with mobile ecommerce apps. Last year, consumers worldwide spent 12% more time on mobile ecommerce apps compared with 2021, per Adjust.

The news: Last week, the Consumer Financial Protection Bureau (CFPB) released the final open banking rule, which requires financial institutions (FIs), credit card issuers, and payment apps like Venmo and Apple Pay to transfer consumer financial data to other providers for free on request. Multiple banking trade groups have already launched a joint legal battle opposing it.

So far this year, 83% of US adults have been scammed or targeted by fraudsters on payment apps like Venmo, PayPal, and Zelle, per Security.org. This is a sharp increase from the 68% who said they were scammed last year and the 48% in 2022. The bigger picture: While ID verification can help protect users, it also adds friction to the payments process.

We expect that share will be roughly flat through at least 2027, though it doesn鈥檛 include non-bank entities like Venmo and Apple that are ramping up their offerings to manage more of their customers鈥� financial lives. Gen Z is propping up gift card sales.

The rule mandates that financial institutions (FIs), credit card issuers, and payment apps like Venmo and Apple Pay must transfer consumer financial data to other providers for free on request, per the regulator. Nondepository institutions of all sizes must comply, but FIs with under $850 million in assets will be exempt.

It tried to encourage a number of consumer uses鈥攆rom P2P payments on Venmo to remittances on PayPal-owned Xoom鈥攂ut adoption has been slow. While it has grown to become the seventh-largest stablecoin by market cap ($694.6 million), according to CoinMarketCap, it is dwarfed by industry leaders Tether ($119.62 billion), USDC ($35.56 billion), and Dai ($5.36 billion).

Youth-oriented digital wallets like Venmo are laying that groundwork by giving customers more ways to transfer and spend crypto. To view the full forecast, click here. What should marketers in the payments industry do next? Allocate marketing resources heavily to mobile. Gen Zers aren鈥檛 abandoning card-based payment methods, but their lives revolve around mobile.

Cards also help online payment brands like PayPal, Block, and Venmo make in-store inroads. Affirm users can even upload virtual cards into Apple Pay and Google Pay to pay in-store鈥攁 workaround for when Affirm is not accepted at checkout.

The market is set to change with open banking: The Consumer Financial Protection Bureau鈥檚 (CFPB) final rule on open banking will require financial institutions (FIs), credit card issuers, nonbank mortgage companies, and payment apps like Venmo and Apple Pay to transfer consumer financial data to other providers for free on request.

JPMorgan debuted Instacart and DoorDash cards, Venmo is building out its card program, and American Express moved into the space. The right partner could offer a considerable opportunity to build an industry-leading product that helps drive innovation in the co-brand space this year.

That鈥檚 why PayPal, Venmo, Cash App, Apple Pay, Google Pay, and Samsung Pay are quickly introducing novel features鈥攐r quickly copying ones from competitors. The pace of commerce management feature innovation is reaching a frenzy. Six months ago, we identified four emerging features that digital wallets could add to centralize purchasing within consumers鈥� wallets of choice:.

Venmo, for example, which is... Rob Rubin:. Has credit cards. Jamie Toplin:. Yeah, it's super popular for P2P. They have credit cards. They're now also moving in-store with QR. You can go into CVS, for example, and you can pay by scanning a code on your Venmo app and that'll pull from your Venmo balance. If someone had sent you $100 for dinner the other day, you can then use that to go buy shampoo.

Venmo, we're seeing, they've done some QR stuff in store over the past few years. But they're continuing to build out pay with Venmo, which lets customers pay online and in store at key partners. Most recently they added Live Nation, which is the parent company of Ticketmaster. So you can now or soon will be able to pay with Ticketmaster online using Venmo and you can also pay at Amazon using Venmo.

Capturing this spending requires investment in accepting not only wallets powered by near-field communication (NFC) technology, but QR code solutions like Venmo and Cash App as they expand in-store. 2. Contactless card volume will grow by double digits to comprise 8.8% of in-store retail and food services sales next year, per our projections.

The growth of digital-only card programs like the Venmo card is one contributor. Gen Zers are another: Over half (55.7%) of adult Gen Zers called mobile banking a top consideration before choosing a bank, per our September 2022 US Mobile Banking Emerging Features Benchmark survey. Recessionary factors and shifting generational behaviors are inhibiting digital account opening growth.

Members can use the app to gain points and redeem them for rewards, such as cash deposits to Venmo accounts and NFTs. The utilization of customer feedback has been key to the program鈥檚 success, according to Ekta Chopra, the company鈥檚 chief digital officer. Brands should foster relationships with consumers even earlier.

The report theorizes that Millennials and Gen Zers can鈥檛 tell a checking account from a payment tool because they鈥檙e used to paying with merchant apps, Apple Pay, PayPal, Klarna, and Venmo.

You know what, I think that when Zelle was first launched, everybody said they missed the window and Venmo is going to, they lost the opportunity and I don't think that's the case. Zelle's quite strong. David Morris:. Oh, I agree. I think there's tremendous possibility here. They're just getting started. Rob Rubin:. Yeah.

This integration strategy mitigates barriers encountered by the small FI clients when sharing information with apps like Venmo and Cash App. Fiserv also plans to collaborate with other fintech aggregators like Akoya, Finicity, and MX to expand open banking capabilities.