Banks launch apps to compete with Apple Pay and Venmo

SALT LAKE CITY — What’s in Your Digital Wallet? And Do You Trust It? The bank plans an online payment app that will compete with third-party wallets such as Venmo, PayPal and Apple Pay, but with financial protection.

welcome to the show

Robert Spendlove, a Salt Lake County Republican representing the 42nd District and economic and public policy officer at Zions Bank, joined KSL NewsRadio’s Dave Noriega and Debbie Dujanovic in partnering with a number of financial apps. Discuss interconnections.

Dave is having a bit of trouble with these various online payment options. they are not integrated.

“With Venmo, you should be able to pay with Apple Pay, right? You don’t have to have a Venmo account and an Apple Pay account, but that’s not the case right now.”

According to Spendlove, banks aim to be an app that customers can trust when it comes to money transfers.

“I was just talking to a 25-year-old man and he had no cash in his wallet. But he uses Apple Pay and uses Venmo on a daily basis,” Spendlove said. “We have a problem. It’s like a western with different systems . What we have is that we are trying to create a system that we can trust.”

Apps, Banks, Fees

“So why can’t we all work together?” Dave asked.

Spendlove says the ultimate goal is integration between competing apps. He pointed to the collapse of cryptocurrencies as an example of lack of trust.

“We thought we could trust FTX, but in a week it collapsed and people lost billions of dollars,” he said. “And the thing is, whether it’s Venmo or Apple or PayPal, they have these different competing systems. But they’re not really part of the regulated banking industry.

“You can trust a bank because it has insurance. It has protection. It has government, state and federal regulations that protect your money. . has those protections, so I’m trying to get that level of protection. [to an app]’ explained Spendlove.

“And that’s what Zell does?” Debbie asked.

“That’s what Zell does. And that’s what its regulatory framework offers people,” he said.

“If I had a Venmo and Dave gave me a $50 lunch, I would buy him…wouldn’t that be covered by the FDIC?” Debbie asked.

“No. In fact, if you make a peer-to-peer transfer, once you make that transfer, that transfer is gone,” said Spendlove. “We have seen an explosion of this type of fraud in these peer-to-peer transactions . It’s not the level I want to reach.”

banking fee

Dave said one of the reasons he hates his bank is all the fees they charge.

“For example, one of the reasons I love Venmo is that I can store and share my money. Will there be a lot of fees attached to it?” he asked.

“We don’t know the details yet, but I think it will be free or very low,” said Spendlove. “It’s expensive to provide all these [services] — I mean, you have to wonder how you make money if there are no costs. ”

Dave & Dujanovic can be heard weekdays from 9am to noon. on KSL News Radio. Users can find shows on his KSL NewsRadio website and app, Apple Podcasts and Google Play.