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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.

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.

Providers are leaning in: Cash App offers teen accounts with a limited set of privileges, and Venmo will debut similar accounts this summer. Reaching Gen Z and Gen Alpha through their parents鈥攁nd then onboarding younger users鈥� social groups鈥攃an fuel gains. But lack of trust in mobile P2P apps is stifling user growth.

PayPal, for example, plans to tighten Venmo integration this year, while Zelle鈥檚 parent company Early Warning Services is exploring a retail ecommerce wallet.

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.

Transaction volume was mostly driven by Venmo and Braintree, PayPal鈥檚 payment gateway geared toward larger merchants. Higher interest income from customer store balances and strong uptake in both consumer and merchant credit products also contributed to revenue growth. What鈥檚 next?

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.

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:.

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.

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.

It鈥檚 also outperforming competitors: Venmo, for example, grew volume just 7% in 2022. Zelle also benefited from increased SMB engagement, which will grow more than three times faster than the average overall, Ko said. Zelle is continuing to 鈥渆nhance鈥� this experience by bolstering partnerships with banks on business checking accounts.

Cash App, Venmo, and Zelle account for the majority of US peer-to-peer (P2P) payment volume, which is expected to reach $1.402 trillion this year, according to Insider Intelligence forecasts. Twitter will need to convince users that its payment service offers more value than competitors.

Gen Z鈥檚 love of digital payments is well known, especially for peer-to-peer apps like Venmo and buy now, pay later (BNPL) options. They鈥檙e also quickly growing adoption of in-store digital payments like Apple Pay: While they currently trail millennials, by 2026 the gap will narrow (42.1 million Gen Z users versus 45.6 million millennial users) as Gen Z continues to build buying power.

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.

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.

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.

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.

It's why Venmo now has a Venmo credit card. I mean, they want to be able to capture that ecosystem revenue. Rob Rubin:. Right. David Morris:. These are cards, ultimately including Apple Card, that I think are the most competitive threat to bank branded cards by far. They're growing outside of the banking ecosystem.

I think it's possible, and I'm just going to use a parallel example of Venmo came in and took that sort of P2P paying people directly market. And it's so much so that it's become a verb I'll Venmo you. But if you look at the actual sort of transaction volume now, Zelle, which exists on your banking platform for a couple thousand banks at least, but certainly the big ones enables you to use Zelle.