Zelle, the bank-owned payments network, processed over $1 trillion in transactions in 2024, marking the highest volume ever for a peer-to-peer platform. The platform’s user base grew by 12% to 151 million accounts, with total dollars sent increasing by 27% from the previous year. Launched in 2017, Zelle has outpaced rivals like PayPal, which reported $400 billion in P2P payments. Despite its success, Zelle has faced criticism for not adequately addressing fraud complaints, although it claims 99.95% of transactions are free from fraud and scams. The network’s growth is fueled by its integration into bank apps, allowing instant transfers, and its increasing adoption by small businesses and individuals for everyday payments.
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