June 25, 2018

Zelle Usage Continues to Grow Amidst Security Concerns

P2P payments – one of the key segments where FinTechs have significantly dominated the banks. The PayPals, Venmos, and Paytms of the world have been enjoying their lead in their respective markets. However, the US payments market is witnessing a comeback story – the one where banks have come together to combat Venmo’s market dominance in P2P payments. Zelle, the bank-led instant payments platform developed by Early Warning, continues to make waves in the US payments market. Earlier known as ‘clearXchange,’ Zelle was founded in 2017 with the biggest banks in the US working with Early Warning to come up with a real-time P2P payments platform. The platform first came into action when it was integrated by Bank of America into its mobile app. In June 2017, the platform was officially launched, enabling the customers of its partner banks to transfer money in real time for free. For those whose…

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