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"Please Send Cash": The Rise of P2P Money Transfer Apps

June 4, 2020

In recent years, person-to-person money transfer apps have become so ubiquitous that their various app names are emerging as verbs—with “Venmo-ing” and “PayPal-ing” becoming as commonplace as “Googling.” According to a recent survey, the rise of these apps really comes down to four factors: convenience (54% of respondents’ top reason), efficiency (20%), security (17%), and necessity (8%). And with almost 8 out of 10 users using these apps at least monthly, according to a survey conducted by Visual Objects, it’s clear that this is no passing fad.

While these tools are undoubtably useful, their main shortcoming is a lack ofintegration with users’ existing financial management portals. To address this need, Sterling recently partnered with Zelle® to make it available to customers in its personal online baking and personal mobile banking apps. Zelle lets users send money to almost any bank account in the U.S. using just an email address or U.S. mobile phone number*, while also providing the added convenience and security of Sterling's Personal Mobile Banking app suite.

To learn more about Zelle and download Sterling's Personal Mobile Banking app, visit snb.com/zelle.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC, and are used herein under license.

* Transactions typically occur in minutes when the recipient's email address or U.S. mobile number is already enrolled with Zelle. Both sender and recipient bank accounts must be based in the U.S.