Zelle was designed to operate both as a feature within mobile banking apps and as a stand-alone app that can be used by consumers who do not have deposit accounts at participating banks.
The app is backed by 12 banks who have also launched the person-to-person payment service inside their own mobile apps: Bank of America, Capital One Bank, JPMorgan Chase, Citibank, Fifth Third Bank, 1st Bank, PNC Bank, SunTrust Bank, TD Bank, U.S. Bank, USAA and Wells Fargo.
Zelle is a P2P mobile app, created by banks to counter the threat from PayPal’s own person-to-person service, Venmo, which processed USD 17.6 billion in mobile payments in 2016.
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