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NewsBriefs

This article contains excerpts from news stories recently posted under "The future of P2P payments looks bright – especially
Breaking Industry News on our homepage. For links to these and other among newer establishments and gig workers," he said.
full news stories, please visit www.greensheet.com/breakingnews.php.
U.S. House approves Payment Choice Act
Cash supporters are celebrating June 16, 2022, the day
the U.S. House of Representatives passed HR-4395, the
Payment Choice Act of 2022 (PCA). Designed to include
cash among other payment options, the bill classifies cash
as legal tender throughout the United States, noted Bruce
Renard, executive director of the National ATM Council.

Renard thanked a long list of PCA supporters, beginning
with Maxine Waters, D-Calif., chair of the House Financial
Services Committee; HR-4395 co-sponsors Reps. Donald
Payne Jr., D-N.J., Chris Smith, R-N.J., and Sylvia Garcia,
D-Texas; and other House members who led the effort to
preserve cash as a payment option.
Payroll, payment rails fair game for BNPL players
In addition, he commended several NAC affiliates. George
Consumer demand for buy now, pay later (BNPL) options Sarantopoulos, NAC board of directors chair and CEO of
is on the rise at physical and virtual points of sale, and Access One Solutions, agreed with Renard, stating, the
BNPL providers are finding new ways to leverage existing PCA is the culmination of years of effort.
infrastructures. Among new BNPL entrants are Apple
Pay Later and a payroll solution powered by partners Apple, PayPal ramp up BNPL
Atomic and Bond that enables consumers to pay BNPL
installments directly from their paychecks. Apple unveiled Within days of Apple's introduction of Apple Pay Later,
its BNPL solution at its WWDC conference, held in New covered in this publication's breaking news story "Payroll,
York on June 6, 2022, as part of ongoing efforts to own the payment rails fair game for BNPL players," PayPal
customer experience. launched its latest BNPL play: PayPal Pay Monthly. It is
intended for purchases between $200 and $10,000 that get
The company noted it will not take a cut of the transactions. paid down in monthly installments. Terms range between
News outlets speculated on Apple Pay Later's impact on six and 24 months at annual percentage rates from 0 to
leading BNPL brands and the market at large. Retail Dive 22.99 percent. PayPal joined the BNPL movement in 2020
reporter Jonathan Berr, citing recent analysis, estimated with its Pay in 4 offering. With Pay in 4, consumers pay off
Apple Pay's user base will grow from 45.,4 million to purchases in four equal payments across six weeks, with
56.6 million by 2026, and suggested Apple Pay Later will zero interest and no fees.
further accelerate that growth.
PayPal also offers Easy Payments, a PayPal credit card
Businesses want P2P, ETA-TSG survey finds feature that can be used to divide the total cost of purchases
into equal monthly installments. According to PayPal Vice
Peer-to-peer payments, once the exclusive province of President Greg Lisiewski, 22 million PayPal customers
consumers, have spilled over into small businesses, gig have used its pay later offerings. "Pay monthly builds on
workers and various other micro merchants, according our commitment to deliver leading payment solutions that
to survey data released June 13, 2022, by the Electronic offer customer choice to ensure checkout matches their
Transactions Association and The Strawhecker Group. needs and budgeting preferences," he said.
In fact, P2P payment methods accounted for 59 percent
of total transaction volume among merchants accepting
P2P payments, researchers found. Jodie Kelley, CEO of the
ETA, attributed growing adoption to merchant efforts to A Also find us on Facebook,
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pay merchants." Jared Drieling, senior director of market
intelligence and insights at TSG, agreed that P2P usage is
soaring.
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