Early Warning Services, LLC, the network operator behind Zelle®, today announced how consumers are best leveraging Zelle as they continue to practice social distancing and limit the use of cash.
The Importance of Digital Banking in the Movement of Money
Due to recent economic and societal changes, there has been an increase in consumers leveraging Zelle for everyday essentials such as paying back neighbors for groceries, reimbursing friends and family for canceled events, and sending money to loved ones in need.
Since the beginning of March 2020, enrollments increased, running more than double-digit rates above average. More than half of consumers sending money with Zelle are ages 25-54, part of both the Millennial and Generation X demographics, while boomers, ages 55- 72, have recently increased their overall use of Zelle. These generations across the U.S. are enjoying the convenience of Zelle within their banking app, with funds typically available within minutes when both parties are already enrolled.
"As events have unfolded and lives changed, consumers are using Zelle to help those in need, and as a result, these heart-warming stories are strengthening connections with family, friends, and communities," said Lou Anne Alexander, Chief Product Officer at Early Warning. "To help foster these bonds, together with our financial institution partners, we are helping bring people closer by enabling them to send and receive money for help with rent, emergencies, shared groceries and gifts for celebratory events."
Currently, 837 financial institutions are contracted to participate in the Zelle Network® with more than half online today and processing transactions. For consumers who don't already have access to Zelle in their mobile banking app, the Zelle app provides an option for consumers to send and receive money with people they trust. In total, nearly 7,000 financial institutions are represented in the Zelle Network via their customers using the Zelle app or their mobile banking app.
Brought to you by Early Warning Services, LLC, an innovator in payment and risk management solutions, Zelle makes it fast, safe, and easy for money to move. The Zelle Network® connects financial institutions of all sizes, enabling consumers and businesses to send fast digital payments to people they know and trust with a bank account in the U.S. Funds are available directly in bank accounts generally within minutes when the recipient is already enrolled with Zelle. To learn more about Zelle and its participating financial institutions, visit www.zellepay.com.
About Early Warning Services, LLC
Early Warning Services, LLC is a fintech company owned by seven of the country's largest banks. For almost three decades, our identity, authentication, and payment solutions have been empowering financial institutions to make confident decisions, enable payments, and mitigate fraud. Today, Early Warning is best known as the owner and operator of the Zelle Network®, a financial services network focused on transforming payment experiences. The combination of Early Warning's risk and payment solutions enable the financial services industry to move money fast, safe, and easy, so people can live their best financial lives. To learn more about Early Warning, visit www.earlywarning.com
Zelle and the Zelle related marks are property of Early Warning Services, LLC.