Zelle, a payments service created by the 7 biggest US banks, is on track to be more popular than Venmo in 2018

Posted On: Jun 14, 2018   |   Posted By: Business Insider

Zelle, a payments service created by the 7 biggest US banks, is on track to be more popular than Venmo in 2018

Payments service Zelle is on track to become more popular than Venmo by the end of the year.
Zelle was created by seven of the largest US banks and often works within your mobile banking app.
Zelle also differs from Venmo - and the third most-popular payments app, Square Cash - because the money can often be delivered instantly to your bank account.
If you're not already using Zelle, you may be one of the millions of users the platform is expected to add in 2018.
Zelle is a year-old service that lets you instantly transfer money to someone else, much like Venmo or Square Cash.
But Zelle differs from either service in a major way: because it was built by seven of the largest US banks, it's often able to integrate more seamlessly with your bank's mobile app. While other services make you wait a few days for the money you received from friends to show up in your bank account, Zelle can transfer the money almost instantly.
For those reasons, analysts at eMarketer expect Zelle to "leapfrog" other payments...

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