Zelle Eyeing Expansion Into Small Business Payments
According to Bloomberg, there isn’t a set date for the release and it could decide not to launch the service. However, the move is seen as a way to take on Venmo, which is owned by PayPal and already offers the capability. While peer-to-peer (P2P) payment apps have long been reserved for splitting small bills with friends and family, it is growing as more consumers become comfortable with the payment method. Bloomberg, citing Crone Consulting, reported that P2P payments to businesses in the U.S. will almost quadruple to nearly $17 billion this year. By 2021, the business side of the P2P market is expected to hit $74 billion.