Two years into its existence, bank-owned Zelle mobile payments service has picked up momentum. It has enough banks and credit unions contracted now that three out of five checking account holders will be able to make P2P payments from their banking accounts via .
Zelle, the bank-owned response to PayPal’s Venmo person-to-person mobile payment service, Square Cash, and others, continues to grow by long strides since its launch in 2017.
Early Warning Services, the network that operates Zelle, announced that in the second quarter 2019 it hit total payment value of $44 billion, spread over 171 million transactions. The payments dollar value represents an increase of almost 13% over the first 2019 and an increase of 56% over the year-earlier quarter. For the second 2019 Venmo reported total payment volume of $24 billion, representing growth of 70% over the second quarter of 2018.