Zelle, a P2P service made up of a network of 30 US banks, has catapulted itself to the top of mobile P2P payments, rivaling more established apps such as Venmo,” said eMarketer forecasting analyst Cindy Liu. “One of the main hurdles new apps face is building trust and a sizable audience. But Zelle has leapfrogged the early stages of adoption by having the benefit of being embedded into the already existing apps of participating banks.”
Zelle will grow by more than 73% in 2018 to reach 27.4 million users in the US, putting it slightly ahead of Venmos 22.9 million users. Meanwhile, Square Cash will round out the top three with 9.5 million users.
In 2018, the total number of P2P mobile payment users in the US will grow nearly 30% to reach 82.5 million people. That equates to 40.5% of US smartphone users.
The total transaction value of mobile P2P payments will grow 37.0% to reach USD 167.08 billion. This figure is expected to surpass USD 300 billion by 2021.
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