Early Warning Services, LLC, the network operator behind Zelle, today announced $44 billion was sent through the Zelle Network on 171 million transactions during Q2 2019.
Year-over-year payment values increased by 56%, while transaction volume increased by 71%. Nearly 500 financial institutions are contracted to participate on the Zelle Network, including 179 that are online today and processing transactions.
"More than 64% of U.S. demand deposit accounts will have access to Zelle through the 480 financial institutions contracted to join the Zelle Network," said Al Ko, Chief Executive Officer at Early Warning. "We continue to see double-digit increases in new customer wins each month, demonstrating continued demand for Zelle from national and regional banks and credit unions."
Consumers continue to adopt Zelle for everyday person-to-person payments, from paying their personal trainer, paying back a friend for last night's dinner, splitting costs while traveling, and gifting or sending and receiving funds for emergencies.
"In addition to increased financial institution participation, it's the adoption of P2P across generations, trust in using a service included in mobile banking apps and the utility of P2P in everyday life, that we can attribute to the popularity and success of Zelle," said Lou Anne Alexander, Group President, Payments Solutions at Early Warning.
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