Some of the biggest banks in the US are beginning to gather billions of pieces of data on how consumers interact with their mobile devices, ahead of the launch of a person-to-person payment service designed to challenge the likes of PayPal. Last month a bank-owned consortium announced the launch of Zelle, a new service that allows customers to use their phones and tablets to zap money from their bank accounts to accounts elsewhere. Zelle will go head-to-head with services such as Venmo, the fast-growing money transfer service from PayPal, which is on track to process about $20bn of payments this year.
View full story
ORIGINAL SOURCE: The Financial Times