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Capturing this spending requires investment in accepting not only wallets powered by near-field communication (NFC) technology, but QR code solutions like Venmo and Cash App as they expand in-store. Shoppers Demand New Checkout Experiences.

Four banks that partnered with payments app Zelle reported that losses to P2P payment fraud on the app likely exceeded $255 million last year, soaring from $90 million in 2020, per a report by Sen. Elizabeth Warren. P2P payments platforms Cash App and Venmo are also under fire over fraud concerns.

The digital wallet is already the top P2P service among teens. Its youth-facing products could help monetize the app

Adoption of digital wallets is approaching critical mass, but they won鈥檛 replace physical wallets anytime soon. However, a super app may be on the horizon, especially if companies can crack the ability to integrate payments with shopping services.

Providers are leaning in: Cash App offers teen accounts with a limited set of privileges, and Venmo will debut similar accounts this summer. Reaching Gen Z and Gen Alpha through their parents鈥攁nd then onboarding younger users鈥� social groups鈥攃an fuel gains. But lack of trust in mobile P2P apps is stifling user growth.

The news: Amazon is embedding Grubhub within Amazon.com and the Amazon Shopping app, while offering members of its Prime membership program a free subscription to Grubhub+ (which normally costs about $120 annually). Amazon previously offered Prime members a free one-year Grubhub+ membership, which automatically renewed at full price.

A new tax rule, which requires digital payment apps to report business payments over $600 to the IRS, doesn't apply to Zelle.

Eighty percent of the US population has Zelle connected through their banking app, and many others access Zelle through its standalone app, Albert Ko, CEO of Zelle parent company Early Warning Services told Insider Intelligence. For this reason, many customers use Zelle for transactions like rent payments, while Venmo and Cash App are more popular for smaller, social transactions.

Third-party P2P apps. Venmo, Cash App, and PayPal could benefit from any shift in posturing toward Zelle from smaller banks because of their wide reach. Chuck. Alloy Labs Alliance鈥檚 open network for community banks that enables P2P payments at a lower fee structure鈥攁nd a lower transaction ceiling鈥攃ould grow its uptake.

Block鈥檚 revenue contribution was primarily driven by Cash App, with Afterpay and the Square debit card also playing a role, Marqeta CFO Mike Milotich said on the company鈥檚 earnings call. Here鈥檚 a breakdown of Marqeta鈥檚 TPV performance on a vertical basis. Financial services: TPV growth was slightly faster in Q4 than in Q3 thanks to increasing Cash App card penetration.

CEO Jack Dorsey said Block is bringing Afterpay's discovery capabilities into Cash App, which can help drive user engagement and increase seller volume. Remain cautious on investments. Block reduced planned investments for 2022 by $250 million, pulling back on 鈥渆xperimental and less efficient go-to-market spend,鈥� and slowed down hiring, according to Ahuja.

Considering it pointed out banking opportunities for Cash App in its most recent earnings, Block could conceivably venture out on its own instead鈥攑otentially putting a big dent in Marqeta鈥檚 business. What鈥檚 next?

Visa+ will connect Venmo and PayPal before expanding to other wallets. Here's what it means for P2P apps.

For example, last year Amazon introduced Buy with Prime and Block expanded Cash App Pay beyond the Square ecosystem. By introducing enhanced features, PayPal can drown out noise from rivals and maintain its checkout dominance. Why it鈥檚 worth watching: The enhancements align with PayPal鈥檚 push to invest in 鈥渉igh-conviction projects.鈥�.

Our predictions that Block would launch a super app and that multinational firms would ramp up acquisitions in Africa in 2022 deserve a second look.

Cash App, Venmo, and Zelle account for the majority of US peer-to-peer (P2P) payment volume, which is expected to reach $1.402 trillion this year, according to Insider Intelligence forecasts. Twitter will need to convince users that its payment service offers more value than competitors.

CEO Jack Dorsey doubled down on creating tighter integrations with Afterpay within its Square and Cash App ecosystems during the firm鈥檚 Q2 earnings call. The Clearpay integration can help lift Square sellers鈥� sales and encourage them to use more of Square鈥檚 services. The bigger picture: Clearpay鈥檚 growth may be complicated by tougher BNPL competition and regulation taking shape in the UK.

Elizabeth Warren (D-MA) recently called on the CFPB to strengthen regulations so that banks are accountable for authorized push payments (APP) fraud, which is a growing problem within P2P payments. The agency also opened an investigation into how Block鈥檚 Cash App handles customer complaints and disputes. Credit cards.

Venmo is the dominant P2P payment app in the US, with 52.2% of all P2P mobile payment users in 2022.

And while Warren鈥檚 report focused on Zelle, P2P payments fraud is an industry-wide issue that affects other platforms, including PayPal鈥檚 Venmo and Block鈥檚 Cash App. As consumers adopt faster and more convenient payment methods, regulators will want to ensure that proper protections are in place to help mitigate consumer losses.

Capturing this spending requires investment in accepting not only wallets powered by near-field communication (NFC) technology, but QR code solutions like Venmo and Cash App as they expand in-store. 2. Contactless card volume will grow by double digits to comprise 8.8% of in-store retail and food services sales next year, per our projections.

The stat: Apple Pay ranked No. 1 for payment apps used within the last month, followed by Cash App. Our view: Gen Z鈥檚 affinity for Apple-branded products and services put its mobile payment app at the top of their list. And now, with the launch of Apple Pay Later, it may become a fast favorite among teen buy now, pay later (BNPL) users.