Thursday , November 26, 2020

Zelle Notes 60 Million P2P Payments in the Third Quarter

Zelle, the bank-backed person-to-person payments network, says a daily average of 65,000 consumers enrolled in the service in the third quarter, helping to push its volume to more than 60 million P2P payments valued at $17.5 billion.

Zelle, which is owned by Early Warning Services LLC, says more than 50 financial institutions offer Zelle, with 13 of them live with the service.

One bank, Bank of America Corp., noted its Zelle transactions totaled 13.6 million in the third quarter with an average payment of $294.12.

The P2P payments provider also noted activity with its Zelle Disbursement Service that the American Red Cross recently used to distribute financial aid to individuals. “Early Warning’s Zelle and other payment tools allowed the Red Cross to distribute emergency financial assistance donated by the general public in a fraction of the time,” said Steve Casey, treasurer at the American Red Cross, in a press release.

Check Also

By 2030, Cards May Linger, But Digital And Contactless Payments Will Dominate: Report

The future of digital payments is being created now with the adoption of contactless payments, …

Do NOT follow this link or you will be banned from the site!