We talked about ClearXchange a bank-led payments initiative. Now 19 of them have decided to come up with a mobile app to compete with Venmo ... here on Bloomberg
Venmo is owned by PayPal and is a mobile wallet ... problem is cashing out takes days. As well there appear to be some security, fraud and consumer protection issues according to Time.
Venmo is trying to counter this by speaking with card networks - problem is cards are costly due to interchange.