Immigrants struggle with access to the financial system. Often, they cobble together piecemeal solutions to help with their specific needs. They turn to payment firms like Zelle and Venmo to help them move money around to friends and family.
Stilt analyzed more than 2.5 million transactions between 5/12/14 and 5/19/20 from 15,368 loan applicants to learn more about how immigrants are using Venmo and Zelle.
Bigger share of the pie
Zelle has around double the number of immigrants using its P2P payment service. That makes sense, given its distribution model of partnering with incumbent banks. That also means that Zelle functionality is built in to existing banking apps, so customers don’t need to download another standalone app, like they do with Venmo.
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