Zelle to Launch Apple and Android P2P Payment Apps
Zelle, a peer-to-peer money transfer service similar to Venmo, is launching a standalone app for Apple and Android devices. The new app will be available today and can be used with any U.S. Visa or Mastercard bank debit card account.
Zelle currently works with 30+ financial institutions in the United States. Those banks can incorporate Zelle into their mobile apps to allow account holders to send money to one another. In other words, someone with a Chase bank account could send money to a U.S. Bank checking account using Zelle.
Until now, Zelle has strictly operated through other applications. The new app will operate as its own P2P network. It will be limited to financial accounts with Visa and MasterCard debit cards, but that is a great majority of debit cards.
In the first half of this year, the network bank for Zelle managed 100 million instant payment transactions totaling $33.6 billion. This does not account for the transactions handled directly through Zelle, since the program did not launch until June.
Money sent through Zelle “will typically move in minutes,” but the first transaction with the program may take 1-3 business days to process. This is a security feature used to verify the account. After the initial verification, funds transfer much faster.