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WHATSAPP SET TO ADD PAYMENTS TO MESSAGING APP
WhatsApp is rumoured to be preparing P2P payments for its messaging app, making it the latest service to let users transfer money to one another with a text. A beta version of WhatsApp’s next update revealed the service could soon support payments. Pictures emerged of a ‘Welcome to WhatsApp Payments’ screen, which was discovered by [...]
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US BANKS TAKE THE P2P FIGHT TO SILICON VALLEY RIVALS
More than 30 US banks and credit unions unveiled a unified person-to-person money transfer service in mid-June. Known as Zelle, the service covers around 86 million US mobile-banking customers and competes head-on with rivals such as Venmo from PayPal and Apple Pay from Apple. IN THE BANK CORNER… Zelle, whose logo is a cross between [...]
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P2P BECOMING THE NEW SOCIAL NORM IN THE US
The latest Bank of America Trends in Consumer Mobility Report found that P2P is quickly becoming the new social norm, as 36 percent of adults currently use the service, with millennials leading the charge at nearly double that rate (62 percent). Furthermore, 45 percent of consumers say they plan to start using the service within [...]
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COMPETITION FOR CHINA’S MOBILE PAYMENT MARKET
At $5.5 trillion, China’s mobile payment market is more than 50 times larger than that of the US. It is now also being shaken up by underdog Tencent, snatching market share from rival Alibaba. Alipay, which Alibaba launched in 2004 as a PayPal-type service to facilitate payments on its Taobao e-commerce platform, has long dominated China’s [...]
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SOCIAL NETWORK PAYMENTS REACH NEARLY $3 TRILLION
A new UN study reveals that social network payments through Alipay and WeChat Pay totalled $2.9 trillion in Chinese digital payments in 2016, representing a 20-fold increase in the past four years. The data shows that digital payments, using existing platforms and networks, provide access to a wider range of digital financial services, expanding financial inclusion [...]
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