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According to TechCrunch, scammers are using Zelle to take advantage of customers; a seller of a product who is attempting to defraud customers will ask a customer to pay using Zelle instead of PayPal; many users are not aware that Zelle does not provide some of the same buyer protections that PayPal has been known for; Zelle is more similar to Venmo for transferring money to those you trust. Source
Banks are beginning to see that marketing Zelle within their own apps can be a challenge; “It’s not a simple feature you can roll out and say ‘try it.’ Explaining all these things means you have to prioritize because there just isn’t enough time so you have to be very selective,” says Mark Schwanhausser, director of the digital banking practice at Javelin and author of a new report looking at this issue, to TearSheet; banks have tried a number of ways to highlight Zelle as part of their banking experience, though the task has not been easy; as the brand grows and customers get accustomed to the difference the job will become easier. Source.
Zelle, the banking p2p payments app, saw an 84 percent jump in year over year growth with Bank of America; the app saw over 68 million transactions in 2017 through their Bank of America partnership; Zelle recently started a marketing campaign to provide more exposure to the brand as many users might not realize they are using Zelle since it is integrated with their banking app. Source.
The partnership between IBM and Zelle is meant to accelerate and simplify payments through real time processing; they also will help to enable same day deposits, bill pay, less fees and seamless cash flow; Zelle is now working with over 20 banks and plans to reach 85 million consumers by end of year. Source.
Zelle has quickly made a name for themselves in p2p payments, now BNY Mellon is looking to leverage the company for business payments; "There are rapid changes in the payments space," Carl Slabicki, director and product line manager for immediate payments at BNY Mellon, said to American Banker. "If you want to remain relevant and allow your clients access to new payment systems, you need to be quicker to market with a faster payment solution.”; b2b payments have no been easier to automate but BNY is hoping to help move the process in that direction. Source.
Chase is starting a new marketing campaign by using GIFs across social media channels in an effort to get millennials to use their QuickPay product by Zelle; the campaign shows a shift by the bank to make campaigns more personalized and geared at a younger target market; Donna Vieira, chief marketing officer for Chase’s consumer bank tells TearSheet, “The channels, mediums and media you use; the copy and creative form like memes and GIFs. Clearly 15 years ago this would be nonexistent, but it’s how this audience communicates with each other, tells their stories and what they find engaging.”; Chase saw a 50 percent increase in p2p transactions in 2017 and a 15 percent increase in new enrollments for their app. Source.
Consumers have submitted hundreds of complaints about the p2p payments app because they are unable to sign up or access money that was sent to them; the reason behind the issues is Zelle’s security structure is very similar to that of a bank; if something doesn’t match perfectly or the users bank is outside the Zelle network then its possible they will not be able to sign on; Zelle initially launched inside their bank network only, but in September they launched their stand alone app and thats when the issues began; the company is looking at improving the process but says they will not compromise their security. Source.