In 2024, Zelle’s payment network, operated by Early Warning Services (which is owned by multiple banks), exceeded $1 trillion in total transaction volumes, making it the highest figure ever recorded for a peer-to-peer (P2P) payment platform.
The company announced its user base grew by 12% to 151 million accounts in 2024, with total funds transferred through the service increasing by 27% compared to the previous year.
Denise Leonhard, the general manager of Zelle, said that last year’s payment volumes were “by far the most money ever moved by a P2P payments service in a single year.”
Launched in 2017 to compete with fintech services like Venmo, PayPal, and CashApp, Zelle has several advantages. It is supported by seven of the largest banks in the U.S., including JPMorgan Chase, Bank of America, and Wells Fargo, and facilitates instant money transfers through the apps of thousands of partner institutions.
Zelle’s growth rate in the past year surpassed that of PayPal, which reported P2P payment volumes exceeding $400 billion.
However, Zelle’s rapid expansion has faced accusations that the network and its affiliated banks have not adequately addressed fraud complaints or provided proper reimbursements to victims. In response, the company has implemented fraud-prevention strategies, asserting that 99.95% of transactions are free from fraudulent activity.
Leonhard noted that the surge in usage is largely driven by bank customers choosing Zelle over cash or checks, as well as small businesses adopting this payment method.
“People are using Zelle in order to do things like pay their rent or paying their nanny,” Leonhard stated. “We want to continue to be top of mind for those consumers to be able to use this every day.”