Digital Payments

Discover Launches P2P Payments

Discover Launches P2P Payments Via Zelle Network

Discover Bank has announced that customers of its savings and money market accounts can now use the Zelle network for person-to-person (P2P) money transfers, according to a press release on Monday (Oct. 28).

Discover customers can enroll in Zelle using the Discover mobile app or the online account center.

“Giving Discover Bank customers the ability to send and receive money between friends and family is a natural extension of our commitment to offer a seamless, full-service digital banking experience,” said Ram Subramanian, vice president of deposits at Discover. “We are continually listening to what our customers say and are excited to offer Zelle to improve their banking experience.”

The benefits of using Zelle include fast money transfer and payments between almost anyone with a U.S. bank account without the need to share sensitive data.

In addition to offering money transfers with Zelle, the Discover mobile app also lets customers temporarily freeze their debit card in case it is misplaced, deposit checks by phone and pay bills. Discover also has a no-fee nationwide network of 60,000 ATMs.

The Zelle Network is owned by Early Warning Services, a private financial services company owned by Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, Citibank and Wells Fargo. P2P money transfers generally are available within minutes when the recipient is already enrolled with Zelle.

In June, Discover announced it had ended fees on checking, savings, money market and CD accounts, noting that customers “can now rest easy” with the knowledge that fees will not accrue in the event of “an occasional oversight or pressing need.”

Fees were eliminated for insufficient funds and excessive withdrawals. Charges associated with penalties for falling below minimum balances and stop-payment requests were also dropped. The elimination of fees also extends to monthly maintenance, checkbook orders or replacement debit cards.

Discover also offers Discover Cashback Debit, which offers customers 1 percent cash back on up to $3,000 in debit card purchases each month.

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