The Zelle icon displayed on the phone screen and the Zelle logo displayed on the background screen are shown in this illustrated photo taken in Krakow, Poland.
Jakub Porzycki | nuphoto | Getty Images
Zelle, a payment network run by bank-owned early warning services, totaled over $1 trillion in the last year.
The company said Wednesday that its user base jumped from 12% to 151 million accounts in 2024, with the total amount sent to the platform increasing 27% from the previous year.
Denise Leonhard, general manager of Zelle, told CNBC last year that payments were “more than ever before due to P2P payment services in a year.”
Zelle, released in 2017 in response to fintech platforms like Venmo, PayPal CashApp has important advantages over these players. EWS is owned by the seven largest US banks. jpmorgan chain, Bank of America and Wells Fargoand Zelle allows for instant transfers within the app of thousands of member institutions.
Last year, growth rate exceeded PayPal’s growth rate, with P2P reporting that total P2P payments reached more than $400 billion.
Zelle’s meteor rise comes amid accusations that the network and its three biggest US banks did not properly investigate fraud complaints or give victims a refund. The company has introduced measures to reduce fraud, saying 99.95% of transactions are free of fraud or fraud.
Leonhard said growth is being driven by bank customers increasingly using Zelle instead of cash or checks.
“People use Zel to pay rent, pay nannies and more,” Leonhardt said. “We hope that these consumers will continue to remain at their hearts as they are now able to use this every day.”
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