Venmo and Cash App competitor Zelle is closing in on its $1 trillion payments volume target
- Even though Zelle arrived to the market seven years later than its competitors, its adoption and growth has surpassed incumbents like Venmo.
- In 2023, Zelle enabled $806 billion in transaction volume across 120 million consumer and small-business accounts.
Zelle enabled $806 billion in total historical transactions across 120 million consumer and small-business accounts. “In 2017, we launched Zelle and changed how Americans move money – we’re now on track to hit $1 trillion in 2024,” said Early Warning Services’ CEO, Cameron Fowler in a LinkedIn post.
The last quarter of 2023 was the most successful in its relatively short history, with consumers transacting $219 billion across the Zelle Network. Zelle’s operator Early Warning Services reports that this translates to $100 million sent per hour.
Despite its late start in 2017 behind Venmo and Cash App, Zelle has been able to build a name for itself in the P2P payments space largely because it benefitted from the bank network that Early Warning Services’ big bank owners and operators lent to it. Seven years later, Zelle’s adoption and growth has surpassed incumbents like Venmo.
