The service currently has over 56 million active users
Posted: Sun Jan 19, 2025 5:23 am
Other financial institutions like banks and credit unions joined, further expanding their user base, but the service struggled to get off the ground. That all changed in 2016 when the platform was sold to Early Warning Services, LLC, a fintech company owned by Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo. Rather than rebrand the platform, Early Warning Services decided to launch a parallel platform for P2P accounts called Zelle in September 2017. It was announced that all P2P accounts running on clearXchange would be closed by the end of 2017, with the company asking users to migrate their accounts to the Zelle platform, which worked much the same as the former clearXchange platform by linking users' bank accounts to specific numbers or email addresses.
The platform initially struggled with digital payment service Venmo (a subsidiary of PayPal). While teacher phone number list Venmo was initially better known and had a larger user base, Zelle’s tight integration with the banking industry allowed it to offer faster, cheaper, and more streamlined payment services. This allowed Zelle to quickly outgrow its main competitor in terms of transfer volume, supporting over $75 billion in transfer volume in its first year alone. It wasn’t long before Zelle surpassed them in 2017 in terms of registered users as well, and has continued to widen the gap steadily over the years.
in 2022 and has supported over $1.5 trillion in payments since its inception. The platform works with over 1,700 banks and credit unions across the U.S. and continues to provide users with an easy and fast way to send money. Who owns Zelle Zelle is owned by Early Warning Services, LLC, a fintech company owned by Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo. Zelle's mission Zelle aims to “ connect financial institutions of all sizes, enabling consumers and businesses to send fast digital payments to people and businesses they know and trust with a U.
The platform initially struggled with digital payment service Venmo (a subsidiary of PayPal). While teacher phone number list Venmo was initially better known and had a larger user base, Zelle’s tight integration with the banking industry allowed it to offer faster, cheaper, and more streamlined payment services. This allowed Zelle to quickly outgrow its main competitor in terms of transfer volume, supporting over $75 billion in transfer volume in its first year alone. It wasn’t long before Zelle surpassed them in 2017 in terms of registered users as well, and has continued to widen the gap steadily over the years.
in 2022 and has supported over $1.5 trillion in payments since its inception. The platform works with over 1,700 banks and credit unions across the U.S. and continues to provide users with an easy and fast way to send money. Who owns Zelle Zelle is owned by Early Warning Services, LLC, a fintech company owned by Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo. Zelle's mission Zelle aims to “ connect financial institutions of all sizes, enabling consumers and businesses to send fast digital payments to people and businesses they know and trust with a U.