Zelle usage grows, propelled by consumers and small businesses
- The pandemic acts as a tailwind for digital payments.
- Zelle, the P2P payment network owned by incumbent banks, is seeing growth in most metrics.
The pandemic is proving to be a tailwind for digital payments.
Early Warning Services, the network operator behind Zelle, announced $133 billion was sent through the Zelle Network on 519 million transactions during the first six months of 2020.
“Zelle has become an everyday essential service for consumers who need to send and receive money fast,” said Lou Anne Alexander, Chief Product Officer at Early Warning. “Consumers across all generations have embraced Zelle during these challenging times as a contact-free way to safely exchange funds.”
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