Bankrate: Paying people back is easier than ever using apps — but so is making accidental payments
Create a vendor selection project & run comparison reports
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
5 March 2019
You just had dinner with a co-worker, and you want to pay her back then and there. So, you grab your smartphone to settle the debt via Venmo or Zelle or Square Cash. She’s not a contact, but no big deal, you think. These apps are made for moving money easily.
It won’t be until tomorrow when you will realize, “Oops.” You accidentally mistyped the email address in the payments app. Now, your money has gone to a stranger.
With peer-to-peer payment services making it easier than ever to settle debts, with it come risks like typos triggering a payment to the wrong person. The stakes are high because these kinds of payments are often irrevocable.
“Once you push the send button, they are gone,” says Zilvinas Bareisis, a senior payments analyst at Celent, a research and advisory firm.
News article details
Industry or Business Focus
Banking, Retail Banking
EMEA, North America