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Banks collectively earn billions of dollars each year from fees merchants pay when shoppers use credit and debit cards. A payment option that moves funds directly between shoppers’ and merchants’ bank accounts could chip away at that. But Visa and Mastercard set the fees and take some for themselves, and sidestepping the card networks would allow banks to set rules and fees on their own.
Meanwhile, three banks plan to launch a pilot that will allow people to use Zelle to send rent payments to a couple of large property managers, according to people familiar with the matter. Rent for years has been a sector that card networks have been trying to gain traction in without much success.
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