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Fighting Financial Awkwardness with Faster Payments?

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Fighting Financial Awkwardness with Faster Payments? FasterPayments Tracker™ MAY 2017 Fighting Financial Awkwardness With Faster Payments? Offering a service that makes it easier and more fun to exchange money can help ACH transaction volume Early Warning Services these relationships remain healthy. jumped by 5.3 percent to processed over 170M P2P reach 25.6 billion in 2016. transactions last year. Mike Vaughan, Chief Operating Officer of Venmo Faster Payments Tracker™ Table of Contents What’s Inside 03 How companies from various industries, including insurance and ridesharing, are investing in tools and solutions to help funds exchange between parties faster. Feature Story 05 Fighting Financial Awkwardness With Faster Payments? Mike Vaughan, chief operating office of Venmo, on how the P2P space has evolved and how he expects the market will shape the future of payments thanks to the millennial influence. News and Trends 08 Check out the latest headlines from around the space. © 2017 PYMNTS.com all rights reserved 2 What’s INSIDE hether it’s real-time payments, P2P transactions, Here’s what’s happening around the world of ACH or blockchain-powered technology, various Faster Payments: Wcompanies in markets around the world are making their interest in adopting faster payment solu- In various industries around the globe, the speed of pay- tions clearly known. ments is poised to accelerate. Over the past few weeks, several companies have made At the industry level, new payment solutions are promis- notable investments in accelerating the pace of payment ing to make it easier for companies to deliver money to transactions by investing in various tools and solutions clients, customers and employees with greater ease. For that are allowing funds to be quickly exchanged between example, in the insurance market, a new solution from senders and receivers. Some of these investments One, Inc., promises to “kill the check” by sending funds include efforts to improve cross-border payments, while from an insurance claim directly to a recipient’s bank other developments are focused on added new security account, debit card or prepaid card. Meanwhile, in the measures to help customers fight back against fraud rideshare market, Uber is offering a way for its drivers to with solutions that offer real-time insights into question- get immediate access to their funds through Instant Pay, able banking transactions. which sends earnings to Mastercard, Visa and Discover debit cards. According to some recently published reports, there has been plenty of activity surrounding faster payment With the availability of new payment tools come new methods to make these investments worthwhile. The opportunities to understand how they work. In an effort latest statistics from NACHA find thatACH transaction to help accounts receivable and accounts payable profes- volume increased by 5.3 percent to 25.6 billion in 2016, sionals learn about faster payment solutions like Same with an estimated volume of $43.7 trillion. In the arena of Day ACH, NACHA opened a new educational program P2P transactions, Early Warning Services reported that at its annual PAYMENTS 2017 conference at the end of over 170 million person-to-person payments, valued at April. The conference invites professionals to explore $55 billion, were recorded in 2016. With such vast sums the latest developments, research and trends in faster of money on the line, it’s little wonder why companies are payment initiatives. And across the world in Ghana, the investing in solutions to improve the delivery of funds. Ghana Interbank Payment and Settlement System will launch an educational campaign to develop awareness With billions of the dollars being exchanged between of the benefits of Instant Pay, which recently debuted in parties, the P2P market is dramatically changing the way that country with the help of the U.K.’s Standard Char- people send and receive money. For the May Tracker’s tered Bank. feature story, PYMNTS spoke with Mike Vaughan, chief operating officer of PayPal’s Venmo, about the compa- Check out the Tracker’s News section for the latest up- ny’s efforts to help money flow between friends with dates from across the Faster Payments landscape. greater ease and how the tool is helping take the awk- wardness out of splitting bills. © 2017 PYMNTS.com all rights reserved 3 What’s INSIDE FIVE FAST FACTS ACH volume grows to over 25 billion payments, valued at $43 trillion in 2016. Survey: Nearly 75 percent of U.S.-based SMEs said banking in real-time is a priority. 77 percent of global financial services companies plan to adopt blockchain technology in real-life use cases by 2020. Zelle Network–based institutions processed over 170 million P2P transactions valued at $55 billion in 2016, said Early Warning Services. $1.3 billion: amount cashed out to Uber drivers using new Instant Pay service. © 2017 PYMNTS.com all rights reserved 4 Venmo is really breaking Feature Story “ down some of the social norms around money that made it so awkward and complicated in the past. ” Fighting Financial Awkwardness With Faster Payments? onsumers want what they want, when they Between Venmo’s services and new competitors like want it, and digital technology in recent Zelle arriving on the scene, consumers have plenty years has more than facilitated it. Be it an of tools and solutions at their fingertips to help them Uber ride, a music or video download or send money requests to friends and families to split access to banking services, consumers expenses. But for those who feel uncomfortable ask- Cexpect instant gratification. ing their friends to pony up their fair shares, whether it’s for a restaurant bill, rent or utilities — or for a ride In the P2P space, this means consumers these days home — Venmo may hold an advantage. The peer-to- have the ability to settle bills and deliver money to peer mobile payment service offers a social media friends and family, well, fast. This capability to quick- element aimed at making the exchange of money more ly send money to other parties is gaining popularity. fun for both sides of the transaction. According to recent data, the Same Day ACH offering was used to make 1.8 million P2P transactions totaling PYMNTS recently caught up with Venmo’s chief operat- $1.2 billion in Q4 2016, the first full quarter of Same ing officer, Mike Vaughan, about the service’s millennial Day ACH Credit availability. appeal, how mixing social media and finances changes the payment dynamic and how payment trends are Among the more popular players in the P2P space is poised to change — thanks to faster payment solutions Venmo, a mobile payment platform owned by PayPal. and offerings. While Venmo has become a popular service for friends and family members to quickly exchange money, it soon will be getting more competition from more A cure for ‘the awkwardness of money’? established financial players. Earlier this year, Bank of America became the first major financial institution to When it comes to transacting money with friends the introduce Early Warning’s Zelle into its mobile app as a traditional and old-fashioned way, the experience can way to compete with Venmo in the P2P space. often be awkward and cumbersome. Having to search © 2017 PYMNTS.com all rights reserved 5 Feature Story wallets and purses, or to go looking for the nearest While other services, including Zelle and Splitwise, allow ATM for cash, can get confusing and someone typically users to divvy up expenses, they lack a social media el- winds up having to fork over more than their fair share. ement that millennials have come to enjoy. By offering a These uncomfortable moments can taint friendships. faster payment solution that appeals to users who tend to be quick with a selfie, Venmo may have found a way “It’s [through] that awkwardness of money that Ven- to make swapping money more fun. mo is uniquely positioned to break down those walls,” Vaughan said. And, Vaughn said, these P2P faster payments enabled by offerings like Venmo are actually saving relation- Vaughan said Venmo — which, according to the most ships — because unpaid debts can lead to conflict and recent figures from parent company PayPal, processed resentment among friends or family members. Offering $6.8 billion in Q1 2017 — tackles feelings of financial a service that makes it easier and more fun to exchange discomfort by giving consumers a more engaging money can help these relationships remain healthy. option to settle debts, by mixing social media with finances. While other solutions exist that allow users to send money quickly, he said the Venmo platform goes Onboarding generations old and new? a step further by allowing users to post the exchange in a social media feed that makes the experience more Venmo has a reputation for being popular among the engaging and entertaining for both sides of the transac- millennial generation. But, Vaughan pointed out, the tion. Users can also select an emoticon to indicate the platform wasn’t designed specifically with the millennial purpose of the request. Vaughan said that adding this generation in mind. The demographic group just hap- social media component to the dynamic makes P2P pens to have been drawn to it most naturally thus far. payment requests less uncomfortable. “Our focus was, this has to be a mobile-first solution,” “The social side of Venmo makes it less awkward,” said said Vaughan. “The millennial generation is more in tune Vaughan. “Venmo is really breaking down some of the with doing things on their phone, so it’s the case that we social norms around money that made it so awkward have a lot of traction with that demographic.” and complicated in the past.” We always want to make it easier and faster for people to get money into and out of Venmo.
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