NEW YORK—The consumer appeal of P2P payments continues to rise, as Zelle reported it crossed $1 trillion in total volumes last year.
Zelle’s user base jumped 12% to 151 million accounts in 2024, and total dollars sent on the platform rose 27% from the year earlier, Zelle said, according to a report from CNBC.
Last year's payment volumes were "by far the most money ever moved by a P2P payments service in a single year," Denise Leonhard, general manager of Zelle, told CNBC.
CNBC noted that Zelle’s growth rate last year exceeded that of PayPal, which reported that total P2P payments volumes reached more than $400 billion.
CNBC pointed out that Zelle's success comes amid accusations that the network and the three biggest U.S. banks on it failed to properly investigate fraud complaints or give victims reimbursement.