mobile payments

Two mobile phones with NFC payment technology. Near field communication

Banks Take On Venmo by Rebranding Person-to-Person Payment Service

Major banks are rebranding their person-to-person (P2P) payment system in the hopes of taking down PayPal’s P2P juggernaut, Venmo. Early Warning, which runs the clearXchange P2P system for Bank of America, JPMorgan, Wells Fargo, Capital One and US Bank, has decided to rename the service Zelle, which is either short for Gazelle or means “best