Independent Banker - September 2022 - 18

PORTFOLIO
◎FOCUS PAYMENTS
Capitalizing on
social payments
Social payments methods like Venmo and Cash App continue to
grow in popularity, and the data is there to prove it, creating an
opportunity to give customers what they want: 24/7 access to
cashless, P2P and mobile transactions. So how do social payments
fit in community banks' long-term future? By Colleen Morrison
ocial payments have taken
today's digital environment by
storm. A recent Mercator Advisory
Group survey found that 69% of
respondents have used PayPal in the
past year, and a full 10% reported
using Facebook Pay. In addition,
reports indicate that Twitter may seek
to expand its payments off erings.
These facts demonstrate how social
channels are now woven into the
tapestry of consumer and business
behavior. Even after some slow starts
from products like Facebook's Libra,
social payments, which constitute any
transaction that occurs on a big tech
or social platform, have taken hold.
" PayPal was the fi rst company
S
to off er this service, but with the
explosion of social media, Facebook,
Zelle, Square Cash App, Venmo,
Apple Pay, Google Wallet and Twitter
all support the feature today, " sums
up ICBA Bancard president and CEO
Tina Giorgio.

18 Q ICBA Independent Banker Q September 2022
The widespread use of these apps
has opened them up to becoming
default accounts, making them home
to standing balances. In fact, a 2020
NerdWallet survey found that 68%
of consumers have maintained a
balance in their mobile payment app,
and on average, those who use them
have allowed up to $287 to accrue
before they transfer it to their bank.
Those behaviors may pose a real
threat to community banks.
" Super apps like PayPal have about
$3 billion stored in their digital
wallet, and Cash App by Square has
well over $1.5 billion, " says Giorgio.
" That means that those deposits are
no longer in insured bank accounts,
disintermediating banks from the
customer relationship. "
The community bank opportunity
But among these competitive
concerns, possibilities emerge
Illustration by Filo/iStock

Independent Banker - September 2022

Table of Contents for the Digital Edition of Independent Banker - September 2022

Table of Contents
Independent Banker - September 2022 - Intro
Independent Banker - September 2022 - Cover1
Independent Banker - September 2022 - Cover2
Independent Banker - September 2022 - Table of Contents
Independent Banker - September 2022 - 2
Independent Banker - September 2022 - 3
Independent Banker - September 2022 - 4
Independent Banker - September 2022 - 5
Independent Banker - September 2022 - 6
Independent Banker - September 2022 - 7
Independent Banker - September 2022 - 8
Independent Banker - September 2022 - 9
Independent Banker - September 2022 - 10
Independent Banker - September 2022 - 11
Independent Banker - September 2022 - 12
Independent Banker - September 2022 - 13
Independent Banker - September 2022 - 14
Independent Banker - September 2022 - 15
Independent Banker - September 2022 - 16
Independent Banker - September 2022 - 17
Independent Banker - September 2022 - 18
Independent Banker - September 2022 - 19
Independent Banker - September 2022 - 20
Independent Banker - September 2022 - 21
Independent Banker - September 2022 - 22
Independent Banker - September 2022 - 23
Independent Banker - September 2022 - 24
Independent Banker - September 2022 - 25
Independent Banker - September 2022 - 26
Independent Banker - September 2022 - 27
Independent Banker - September 2022 - 28
Independent Banker - September 2022 - 29
Independent Banker - September 2022 - 30
Independent Banker - September 2022 - 31
Independent Banker - September 2022 - 32
Independent Banker - September 2022 - 33
Independent Banker - September 2022 - 34
Independent Banker - September 2022 - 35
Independent Banker - September 2022 - 36
Independent Banker - September 2022 - 37
Independent Banker - September 2022 - 38
Independent Banker - September 2022 - 39
Independent Banker - September 2022 - 40
Independent Banker - September 2022 - 41
Independent Banker - September 2022 - 42
Independent Banker - September 2022 - 43
Independent Banker - September 2022 - 44
Independent Banker - September 2022 - 45
Independent Banker - September 2022 - 46
Independent Banker - September 2022 - 47
Independent Banker - September 2022 - 48
Independent Banker - September 2022 - 49
Independent Banker - September 2022 - 50
Independent Banker - September 2022 - 51
Independent Banker - September 2022 - 52
Independent Banker - September 2022 - 53
Independent Banker - September 2022 - 54
Independent Banker - September 2022 - 55
Independent Banker - September 2022 - 56
Independent Banker - September 2022 - 57
Independent Banker - September 2022 - 58
Independent Banker - September 2022 - 59
Independent Banker - September 2022 - 60
Independent Banker - September 2022 - 61
Independent Banker - September 2022 - 62
Independent Banker - September 2022 - 63
Independent Banker - September 2022 - 64
Independent Banker - September 2022 - 65
Independent Banker - September 2022 - 66
Independent Banker - September 2022 - 67
Independent Banker - September 2022 - 68
Independent Banker - September 2022 - 69
Independent Banker - September 2022 - 70
Independent Banker - September 2022 - 71
Independent Banker - September 2022 - 72
Independent Banker - September 2022 - 73
Independent Banker - September 2022 - 74
Independent Banker - September 2022 - 75
Independent Banker - September 2022 - 76
Independent Banker - September 2022 - Cover3
Independent Banker - September 2022 - Cover4
https://www.nxtbook.com/mspc/independentbanker/november2024
https://www.nxtbook.com/mspc/independentbanker/october2024
https://www.nxtbook.com/mspc/independentbanker/september2024
https://www.nxtbook.com/mspc/independentbanker/august2024
https://www.nxtbook.com/mspc/independentbanker/july2024
https://www.nxtbook.com/mspc/independentbanker/june2024
https://www.nxtbook.com/mspc/independentbanker/may2024
https://www.nxtbook.com/mspc/independentbanker/april2024
https://www.nxtbook.com/mspc/independentbanker/march2024
https://www.nxtbook.com/mspc/independentbanker/february2024
https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
https://www.nxtbookmedia.com