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Zelle P2P payments increase by 84 percent reports Bank of America

Monday 15 January 2018 08:50 CET | News

Bank of America has said it processed nearly 68 million Zelle transactions in 2017, an 84% increase from 2016, reports AmericanBanker.com

Zelle, the P2P payments platform set up and backed by seven banks, has seen strong growth in 2017, making it a viable competitor with Paypal’s Venmo platform. Bank of America is one of the seven banks that own Early Warning Services, the company behind Zelle, and (in early 2017) was one of the first to incorporate it into its mobile banking app.

Currently, there are 3 million active users on Zelle and thousands are signing up daily, according to the bank.
PayPal’s Venmo service processed USD 9.4 billion of Venmo transactions in the third quarter (the latest period for which statistics are available), a 93% increase over the year before. Venmo has an estimated 10 million users.

The Zelle bank network as a whole processed USD 17.5 billion of payments in the third quarter that were tied to 60 million transactions.


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Keywords: Zelle, P2P payments, online banking, mobile banking, mobile payments, Bank of America
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech