Big banks declare war on Venmo with app of their own -- Zelle
Feb 25, 2017 7:15 AM -
For years, banks have watched as their youngest customers split restaurant checks, shared utility bills, and pitched in for parties using third-party payment apps such as Venmo. Now, they're trying to take back the person-to-person payments business by launching an app of their own. Nineteen banks, including Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo, are teaming up to start Zelle, a web site and app that will let users send and request money much like Venmo does.