JPMorgan began offering the service in June 2016 after customers requested it. The decision was doubled by the fact that Chase’s QuickPay product handled USD 20 billion in peer-to-peer transfers in 2015.
US Bank and Charlotte, North Carolina-based Bank of America have been offering the same service since March 2016, the companies said.
More lenders will likely join soon, said Mary Harman, Bank of America’s representative and we “are going to see the next wave of banks coming online here en masse, in the next 30 to 60 days” she continued.
Banks understand they need to become more user-friendly to compete with fintech companies like PayPal, which owns money-transfer app Venmo. The banks realize in general that everything is moving toward mobile, away from traditional branches, and they are trying to offer as many services as possible.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now