NEW YORK—Bank customers used Zelle to transfer $806 billion via 2.9 billion payments during 2023, up 28% in both dollar value and transaction volume from 2022, as use of the payment app by small businesses spread, Forbes reported.
“Zelle was launched by the big banks in 2017 to compete with peer-to-peer payment services such as PayPal’s Venmo and Block’s CashApp and now allow payments between 2,100 banks and credit unions covering more than 80% of U.S. deposit accounts,” Forbes stated.
Zelle is operated by Early Warning Services, a fintech co-owned by JPMorgan Chase, Bank of America, Capital One, PNC Bank, Truist, U.S. Bank and Wells Fargo.
Early Warning Services charges its thousands of financial institution partners a small fee for each Zelle transaction.
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