The Role of Third-Party Payment Apps

Posted by Deborah Peace on Mar 13, 2019 9:30:00 AM


Understanding the Various Payments Systems Series: Blog 4

In the wake of new and expanded payments methods like same-day ACH and Real-Time Payments (RTP), another option that continues to make headlines is the use of third-party payment apps like Venmo and Zelle.

In our previous two blogs, we discussed the unique differences and use cases for same-day ACH and RTP, but financial institutions and their account holders must also have a clear picture of third-party apps and their use cases. Only then will they be able to leverage the different methods to their full potential and adequately support them from a strategic standpoint.

The Rise of Third-Party Payment Apps

Third-party payment apps have been growing in popularity, and are a sound option for peer-to-peer (P2P) transactions. For P2P payments, this method is extremely convenient because it uses an identifier, such as a phone number or email address, so that consumers do not have to disclose their bank account information.

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Topics: Payments

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