In the UK Revolut has rolled out a peer to peer payments feature called “Near Me” which lets their users send money to each other without knowing their contact details. Monzo has rolled out a similar capability called “Nearby Friends”. These challenger banks see this as a feature to increase app usage. No such capability exists for US consumers despite the popularity of P2P payments services like Venmo and Zelle. Source.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.