September 12, 2017
On Friday, Zelle, the P2P network owned by a consortium of national and large regional U.S. banks, announced it has signed up 4 million users since the product’s launch in June and that its standalone app goes live today. The service, launched in June, is an attempt by the U.S.’s largest financial institutions to compete in the P2P mobile online payments space with offerings from fintech darlings like PayPal and Square that brought P2P apps to market much earlier.
Twelve banks enable their customers to use Zelle within their own mobile banking apps: Bank of America, Capital One Bank, JPMorgan Chase, Citibank, Fifth Third Bank, 1st Bank, PNC Bank, SunTrust Bank, TD Bank, U.S. Bank, USAA and Wells Fargo. According to Zelle’s operator, Early Warning, users made more than 100 million P2P transactions totaling $33.6 billion in the first 6 months of 2017.