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2 Zelle, by contrast, is 100 percent free for all domestic transfers among participating banks.
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However, there is a 1 percent fee per transfer, up to $10. Because Zelle is directly connected to the user’s bank account, settlements clear within minutes - instead of the one to two business days required for PayPal transfers.Īdmittedly, PayPal has recently started offering instant withdrawals. Either way, they can start sending and receiving money instantly.
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Users simply download the standalone Zelle app or their bank’s branded app. This makes onboarding new customers incredibly easy. This P2P payment network is currently supported by a number of participating banks, including: Zelle®īacked by some of the biggest names in finance, Zelle is another relatively recent arrival. The only downside is that Apple Cash is only available on a limited number of devices within the larger iPhone® and iPad® ecosystem. Unlike PayPal, Apple doesn’t charge fees to use its service. This allows you to use a single unified system for both retail purchases and P2P transfers. They can also initiate transfers using Siri’s voice-activated technology.Īll of this syncs with the tech giant’s other payment service - Apple Pay®. Users can send and receive money directly through Apple’s messaging platform. Apple® CashĪs with most Apple launches, brand recognition and ease of use are the main selling points behind this new P2P payment technology. Below are some of the biggest potential contenders. Yet, that lead is starting to erode as more competitors crowd into the P2P payment game. Over 20 years later, PayPal continues to put up some staggering numbers. In fact, the company is largely responsible for bringing the concept of “peer-to-peer” into the vernacular - long before the rise of Napster, BitTorrent or Bitcoin. Since launching in 1998, PayPal has dominated the peer-to-peer (P2P) payments space.
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