Zelle announced $75 billion in money moved in 2017 across its P2P payments network, as millions of consumers reduced their dependence on physical checks and cash in the US.
The $75 billion across the P2P payments network was an increase of 36% year-over-year (YoY) from 2016’s totals of $55 billion when the Zelle Network was previously clearXchange. The Zelle Network processed more than 247 million payments in 2017, an increase of more than 45% YoY on the 170 million transactions processed in 2016.
In the fourth quarter of 2017 alone, the network moved $22 billion, up 14% quarter-over-quarter (QoQ), on more than 75 million transactions, up 18% QoQ.
The P2P payments network enables payments from one bank account to another, typically within minutes when both consumers are enrolled, using only an e-mail address or a US mobile phone number. For more than 95 million consumers, Zelle is already available from the convenience of their mobile banking app, with no additional downloads required. For consumers who bank with financial institutions outside of the network, an App is available.
“2017 was a banner year for Zelle! The banking industry launched the first real-time P2P payments network, and millions of consumers responded by embracing a new way to pay,” comments Paul Finch, CEO at the bank-owned Early Warning Services – the network operator behind Zelle.
“Consumers are looking to digital solutions to replace physical checks and cash as a way to pay friends and family. The convenience of Zelle on more than 95-million phones provides a unique market opportunity to change consumer mobile banking behavior.”
2017 Zelle Highlights
- More than 60 Financial Institutions Are Now Part of the Zelle Network: From small community banks and credit unions to the largest national banks, more than 60 financial institutions have joined the Zelle Network. Participants currently represent 50% of US demand deposit accounts (DDA) Accounts.
- Zelle Expands its Partner Ecosystem: ACI Worldwide, CGI, D3 Banking Technology, and IBM joined the list of leading companies and payment processors –– CO-OP Financial Services, FIS, Fiserv, and Jack Henry & Associates, Inc. –– working with Zelle to create a broad, collaborative payments ecosystem, and help more financial institutions connect to the Zelle Network.
- Zelle Adds Complementary App to Enhance Mobile Banking Experiences: Access to the Zelle Network included a free Zelle App available in the App Store and Google Play. The ZelleApp allows almost anyone with a Visa or Mastercard debit card issued in conjunction with a bank account in the US to send money fast and easily to others at participating Zelle Network banks and credit unions.
- Zelle Goes Beyond P2P: Corporations and charitable organizations are using the ZelleDisbursements service to send electronic payments to individuals using only their mobile phone number or email address.
- Zelle Risk Solutions Create Safer Payment Experiences: To protect consumers and financial institutions from fraud, Zelle introduced mobile authentication processes that bring together data from networks, devices, and users to assess enrollment and transaction risk almost instantly.