What the Helle is Zelle?
Saw a lengthy T.V. ad for this yesterday, it seems like a mobile payment option that banks are offering, it also already has competition from Venmo. 30 huge institutions such as Bank of America, JPMorgan Chase, Citibank, Wells Fargo are putting their heft and marketing resources in the Zelle blitz. It is a way of paving ahead with person-to-person cashless payments. You will be able to send money to people using only their phone # or email. Over 80 million bank customers will immediately have access and a stand alone app will be released soon as well. Supposedly transfers will be immediate.
How does this relate to blockchain technology and competitors and how can cryptocurrency options be more readily available to the general populace? Are the banks trying to out maneuver and out position the blockchain and transparent systems?
Read more at:
https://www.nytimes.com/2017/06/12/business/dealbook/mobile-banking-zelle-venmo-apple-pay.html
I see it more like banks finally are coming back to earth. They has no competitor for so long, there's was no progress (maybe the internet interface with your account, but still, it's probably because of X.com and Paypal). So, I see this app more like a normal reaction in a free exchange system. My conclusion : banks are afraid to loose control and react accordingly.
Good point
It is ClearExchange that was re-branded to Zelle. It is a cooperation between banks to offer PayPal clone with zero fees (for now, may change in future).
Here telecommunication companies are offering such apps.. You can transfer amount via phones to other persons like easypasa..
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