A year since its launch, Zelle Network® Reaches Key Milestones with Double-Digit Increases in Transaction Volume and Transaction Value Quarter-over-Quarter
In the second quarter of 2018 (April 1 – June 30), 100 million transactions took place on the Zelle Network® for a total of $28 billion in payments. Transaction volume increased 17% quarter-over-quarter (QoQ), and total money moved increased 11%. Across the entire Zelle Network®, more than 67 million tokens have been enrolled.
Zelle® celebrated its first anniversary on June 12, 2018, and in a year of operation has processed more than 320 million transactions valued at $94 billion. Transaction volume and transaction value are up 77% and 62%, respectively, from June 2017. According to a recent survey on Digital Payments Adoption conducted by Early Warning, the network operator behind Zelle®, adoption and usage of digital person-to-person (P2P) payments are high among all generations, with consumers pointing to trust in friends and family and trust in their financial institutions as the primary reasons for engaging in a digital payment. In the second quarter, consumers averaged six transactions, sending $281 on average per transaction.
“In a phenomenal year for the banking industry, consumers have embraced Zelle® as a fast, safe and easy way to send money digitally,” said Paul Finch, CEO, Early Warning. “Zelle® reaches more than 100 million consumers through mobile banking apps and millions more through our standalone app. Each month, we welcome more financial institutions to the network, moving closer to offering a ubiquitous payments service for banks and credit unions, large and small.”
Today, 29 financial institutions are live on the Zelle Network®, with an additional 119 under contract, representing 56% of the U.S. DDA market. Zelle® works with core processor partners, including Co-Op, FIS, Fiserv, and Jack Henry & Associates to connect financial institutions to the Zelle Network®.
Zelle enables payments from one bank account to another, typically within minutes when both consumers are enrolled, using only an e-mail address or a U.S. mobile phone number. For consumers who bank with financial institutions that do not participate in the Zelle Network®, a Zelle® app is available in the Apple App Store and Google Play.
Brought to you by Early Warning Services, LLC, an innovator in payment and risk management solutions, Zelle® makes it easy, fast and safe for money to move. The Zelle Network® connects the nation’s leading financial institutions, enabling consumers to send fast person-to-person payments to friends and family with a bank account in the U.S. Funds are available directly in consumer bank accounts generally within minutes when the recipient is already enrolled with Zelle®. To learn more about Zelle® and its participating financial institutions, visit http://www.zellepay.com.
About Early Warning Services, LLC
Creating the Future of Payments® - Early Warning delivers innovative payment and risk solutions to financial institutions nationwide. For over 25 years, Early Warning has been a leader in technology that helps money move easy, fast and safe. Learn more at earlywarning.com.
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Zelle®, Zelle Network®, and the Zelle®-related marks are wholly owned by Early Warning Services, LLC.