Wells Fargo said Thursday (May 2) that U.S. authorities are investigating the handling of complaints about Zelle. This disclosure in a filing with the Securities and Exchange Commission (SEC) follows a similar statement by J.P. Morgan and comes amid scrutiny of Zelle’s peer-to-peer (P2P) payment network by both regulators and legislators,...
The shift toward digital channels in financial services shows no signs of slowing down, as evidenced by the latest earnings results from incumbent banks and financial services providers. During the first quarter, Bank of America logged a staggering 3.4 billion digital logins, with digital sales accounting for half...
Bank of America’s first quarter results took note of continued use of digital channels in banking — and for payments, too. The bank recorded 3.4 billion digital logins; digital sales represented 50% of total sales, the company noted in its earnings supplementals on Tuesday (April...
A friend was preparing for a once-in-a-lifetime yoga retreat to a fancy resort in Malaysia. The trip was a long one with stopovers in Qatar and two days in Kuala Lumpur. The tour guide suggested that she put her debit and credit cards from her...
August 09, 2023
Peer-to-peer (P2P) payments, a long-standing vehicle for transactions between consumers, has evolved recently into usage between merchants and consumers as well. The steady growth of P2P transactions for any purpose is illustrated in proprietary research created for the PYMNTS’ “Quarterly Payments Report: Mobile Wallets Gain Ground.” We found that between December 2021 and March 2023, […]
March 01, 2023
Five years after open banking became a regulatory requirement, the U.K. now claims 7 million active users. That figure, representing less than 20% of the total number of bank account...
January 23, 2023
The banks have two targets in the digital wallet battle — one, Apple Pay, may be easier to “beat.” PayPal may prove to be a tougher foe. As noted here, America’s...
October 29, 2021
The global use of smartphones has transformed consumers’ transactions with their preferred financial institutions (FIs), merchants and service providers. As consumers increase their use of online and mobile banking tools,...
May 03, 2024
Wells Fargo said Thursday (May 2) that U.S. authorities are investigating the handling of complaints about Zelle. This disclosure in a filing with the Securities and Exchange Commission (SEC) follows a similar statement by J.P. Morgan and comes amid scrutiny of Zelle’s peer-to-peer (P2P) payment network by both regulators and legislators, Bloomberg reported Friday (May 3). In Wells Fargo’s Thursday SEC filing, the bank […]
February 12, 2024
Bank of America clients had a record 23.4 billion digital interactions with the bank in 2023. Those interactions include logging into their accounts 12.8 billion times and receiving 10.6 billion proactive...
January 25, 2024
If someone stole your phone, how quickly would they be able to steal your money? It’s a scenario that Manhattan District Attorney Alvin Bragg says has become all too common:...
January 18, 2024
Truist Financial continues to see digital engagement among its customers climb. The North Carolina-based bank reported earnings Thursday (Jan. 18) showing the number of mobile app users grew 9% year over year. That,...
