In the past five years, consumers and businesses, small and large, have sent more than five billion Zelle® payments, totaling nearly $1.5 trillion, according to Early Warning Services, LLC, the network operator of Zelle®.
Zelle® users have leveraged the convenience and security of Zelle® to gift money, pay rent, reimburse friends and family for shared costs, receive reimbursements, or access money in critical moments, usually within minutes using Zelle®.
"Zelle® has transformed the way more than a hundred million people move money and conduct digital transactions," said Al Ko, Chief Executive Officer at Early Warning. "We are part of consumers' everyday lives and committed to being their trusted source for digital payments that are easy to use and don't require the sharing of any bank account information. Thanks to our financial institution participants, reseller partners, and employees, we continue to innovate and expand adoption while enhancing protection measures."
Commitment to Safe Payments
The network has achieved more than 99.9% of payments sent without any report of fraud or scams. Zelle® and its participating financial institutions are continuously evolving and adapting consumer protection measures to address the dynamic nature of deceptive activities. For instance, real-time safety notifications (within the user experience and payment flow) alert users to only use Zelle® when sending money to people they know and trust.
In addition to the extensive education that financial institution participants deliver to their customers, Zelle® partners with non-profits, consumer safety organizations, influencers, and enterprises. By collaborating with The Cybercrime Support Network, Detroit Pistons, EVERFI, Nev Shulman, The Knoble, and Vox Media, the company continuously educates consumers on how to stay safe when using digital payments such as Zelle®. The recently launched Zelle® Learning Hub is another resource that helps consumers make smart financial decisions that begin with education.
Empowering all Communities with Real-Time Access to Payments: Nearly 1700 Financial Institutions Now Offer Zelle®
The Zelle Network® is open to any size financial institution that wants to give its customers access to real-time payments. Today, nearly 1700 banks and credit unions, including 100+ MDIs, offer Zelle® in their app. Throughout the past year, the company worked with its resellers on rebate programs for qualifying MDIs that sign up to offer Zelle®, giving their customers equitable access to financial services with additional tools to help meet their financial goals.
Disbursements, Business Payments Lead the Way in Q2 2022
Fortune 500 companies, including major online retailers, educational institutions, and national non-profits, are disbursing funds—tuition, rebates, settlements, insurance payments— as a fast and safe alternative to sending checks. In Q2 2022, the Zelle Network® achieved an 87% quarter-over-quarter increase in disbursement transactions. In addition, nearly eight million employees, contractors, and customers received payments from small businesses.
"Increased Zelle® usage by small businesses year over year is impressive," said Erika Bauman, director of commercial banking and payments at Aite-Novarica. "Our research shows that business adoption has more than doubled across the market. The rapid growth of Zelle® is due to greater efficiency, access to funds, and increased recipient satisfaction."
Overall payments in Q2 2022 equated to $155 billion sent through the Zelle Network® on 554 million transactions. Year-over-year payment values increased by 29%, while payment volume increased by 27%.