- Key insight: Moov launched a P2P service, using existing debit card accounts in an effort to make it easier to use than an app.
- What's at stake: The P2P market is dominated by Zelle, Cash App and Venmo, though Moov contends there is space for adoption among small banks and credit unions.
- Forward look: Moov's early adopters include Jack Henry, and it will work to attract other partners in the coming weeks.
While P2P payment apps like Venmo, Cash App and Zelle have existed for years, the fintech Moov Financial argues there's still room for another service, especially if it involves a payment device that most people already use.
Called Moov Money, it uses Jack Henry's Banno digital platform, Visa and Mastercard to enable banks and credit unions to support transfers via existing debit card accounts and a mobile phone connection. To argue there is a market for an additional P2P app, Moov Financial cited research from the
"A sender doesn't have to ask about an app download. If you have a debit card, we can send you money," Wade Arnold, CEO of Moov, told American Banker, adding that moving money "shouldn't depend on whether two people use the same app."
Moov's pieces
Moov Money uses two card network real-time rails, Mastercard Move and Visa Direct, with Moov's technology connecting the card networks to Moov's P2P feature. This includes connectivity for a recipient's phone number, contact or payment credential. This information populates the payment destination and removes a need to enter card information. Moov also supports identity verification, fraud controls and dispute management — combining phone-based identity verification, network-level card verification, passkey authentication, monitoring and AI-supported fraud detection.
For Mastercard and Visa, Moov Money contributes to a need to expand sources of payment volume — in this case using existing debit cards as another means for parties to send money to one another.
"This is about enabling P2P without leaving the primary bank experience,"
Mike Kresse, executive vice president of commercial and new payments flows for Mastercard, North America, told American Banker. "Why should consumers have to understand the underlying nuances behind P2P? Moov Money is a simple, clear service."
In a release, Justin Zhao, head of Visa Direct for North America, said, "Through our work with Moov, financial institutions can now use trusted Visa credentials and infrastructure to help consumers send and receive money with greater confidence and ease."
Moov Money's initial users include Jack Henry's Banno Digital Platform, which gives the bank technology vendor an added feature to expand its client relationships.
"[We have] a continued appreciation for Jack Henry's differentiated level of service, innovation, and execution within bank tech. Over the years, this strategy has driven success with clients and accordingly, strong financial results," William Blair said in a research note on Jack Henry.
The alternatives
Jack Henry's clients include a large number of community banks and credit unions, making Moov Money a potential selling point for Jack Henry as it seeks to add smaller institutions, given
Given the headstart and brand recognition of the existing apps, payment experts say Moov Money will be challenged to build adoption.
Most consumers already have Zelle, Cash app and/or Venmo; the need for an additional P2P solution doesn't seem to be that compelling, especially given the lack of economics associated with the transactions, according to Tony DeSanctis, a vice president at Cornerstone Advisors.
"Similar to other P2P solutions, the challenge continues to be consumer adoption. While debit cards are broadly accepted, getting consumers to load their debit card into yet another solution could prove to be challenging," DeSanctis told American Banker.
Zelle has made moves in the past year to expand its support among smaller financial institutions, and more than 95% of Zelle's members are community banks.
"Not everyone has Zelle, and yes, our customers are concerned that Zelle is a large bank product," Jack Henry Chief Technology Officer Ben Metz told American Banker. "We support Zelle and always will but our customers have wanted an alternative for a very long time."
Zelle has direct integration across more than 2,300 banks and credit unions, which cover over 80% of U.S. deposit accounts. In 2025, Zelle processed more than $1.2 trillion across 4.2 billion transactions, averaging $3.4 billion per day, with small-business volume accounting for roughly $400 billion. The PayPal-operated Venmo reported approximately $330 billion in total payment volume for 2025.
Block has used its Cash App transfer service as a connective tissue for retail payments, small-business tools via Square, and buy now/pay later through Afterpay. Cash App offers debit cards, short-term credit, direct deposits, stock trading and support for cryptocurrency. Moov is offering Move Money to banks, credit unions, neobanks and brokerages for domestic person-to-person payments. Financial institutions enable Moov Money through existing digital banking experience or integrate directly with Moov.
"I can see why Moov would be attractive to community banks and credit unions who are reluctant to sign up for Zelle," Aaron McPherson, principal at AFM Consulting, told American Banker, adding the real hurdle is getting financial institutions to turn it on. "While 90.5% is obviously more than 34.6%, that gap is where financial institutions are not promoting this type of service, or consumers are not adopting it, or preferring other solutions like Venmo, more than some sort of inherent limitation."
