Part 4/10:
While P2P lending has transformed how individuals access credit, peer-to-peer payment mechanisms are revolutionizing transactions. Applications like Venmo, Zelle, and Cash App allow users to swiftly send money without incurring hefty transfer fees that traditional banks often charge.
Most major banks have integrated Zelle into their services, clearly acknowledging the shift toward cheaper and more convenient payment solutions. The recognition from banks that this service is essential for consumer retention shows a willingness to adapt to changing preferences. However, the widespread adoption of these services raises concerns over the long-term implications for traditional banking revenue streams, particularly as these payment methods continue marching toward zero fees.