Zelle Reveals $1 Trillion In Transactions For Last Year
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Zelle, a popular money-transfer service, shared exciting news this week. The company said users sent $1 trillion through its network last year. This was 27% more than what users sent two years ago. Zelle belongs to Early Warning Services LLC and is used by many users across the country.
The number of transactions completed in Zelle’s network also increased last year. Users sent money 3.6 billion times, which is 25% more than the year before. More users and businesses joined Zelle, bringing the total number of accounts to 151 million. This means 16 million new accounts were added in just one year.
Zelle Tops Its Competitors In Total Payment Transactions For Last Year
Zelle processed more transactions last year than its competitors. PayPal’s Venmo, another well-known service, handled $293 billion last year. PayPal’s entire network processed $402.3 billion in peer-to-peer payments. Zelle’s total was much higher, showing that many users trust and use the service often.
Denise Leonhard, Zelle’s general manager, said more users are relying on Zelle because it is easy and helpful. She explained that consumers use Zelle for many reasons, such as paying rent, tipping workers, or sharing a restaurant bill with friends. For many, Zelle has become an important part of daily life.
Reports show that small businesses played a role in Zelle’s growth last year. They sent and received over 500 million payments. Zelle said the total amount sent and received reached $283 billion, a 32% increase from a year before. The company also shared that 23 million users paid for a small business in the final three months of last year.
Leonhard explained that Zelle is very useful for small businesses. She said it helps them pay workers, manage expenses, and keep their money flowing smoothly. Since payments happen quickly, businesses can avoid delays and run more efficiently.
Zelle’s network now includes over 2,200 banks and credit unions. Many of these are small community banks, especially in rural areas where there are not many banking options. Early Warning Services pointed out that Zelle helps connect users to financial services even in places with fewer banks.
74% Of Users Share Good Thoughts About Zelle
A survey found that most users feel good about their banks when they offer Zelle. About 74% of users said Zelle improved their opinion of their bank’s services. Also, one in three Zelle users said they would switch banks if their current one stopped offering the service. This survey was conducted in the middle of last year, with the help of Nonfiction Research.
Zelle is also working to prevent fraud. The company said that last year, it helped 73 million users learn about scams and fraud risks. However, at the end of last year, the Consumer Financial Protection Bureau sued Zelle along with Bank of America and Chase over fraud-related concerns.
To fight fraud, Zelle joined the Aspen Institute National Task Force for Fraud and Scam Prevention. It also works with the Better Business Bureau and the National Council on Aging to teach users how to stay safe from scams. These efforts show that Zelle is focusing on keeping its users’ money secure while continuing to grow.
