More People Than Ever Choose Zelle with Nearly Half a Trillion Dollars Sent in First Half of 2024

Consumers and small businesses sent money 1.7 billion times, a 27% increase from the first half of 2023

NEW YORK, Oct. 17, 2024 /PRNewswire/ -- Early Warning Services, LLC., the network operator of Zelle^®, today announced that in the first half of 2024 the person-to-person payments network reached 143 million enrolled users and helped consumers and small businesses move nearly half a trillion dollars -- $481 billion, up 28% year-over-year. Transaction volume on Zelle increased by 27% year-over-year to over 1.7 billion transactions sent by individuals and small businesses across the network.

Highlights:

• Zelle helped consumers and small businesses move nearly half a trillion dollars in the first half of 2024.
• Consumers and small businesses sent money 1.7 billion times, a 27% increase from the first half of 2023.
• As of June 2024, 143 million consumer and small business user accounts were enrolled to use Zelle, up 17 million from the first half of 2023.
• Zelle users sent $1.8 million per minute, $110 million per hour, and $2.6 billion per day in the first half of 2024.

"Alongside our network of more than 2,200 banks and credit unions, we operate a leading network for easy and secure digital payments and do so while providing unparalleled protection to those who rely on our platform," said Cameron Fowler, CEO of Early Warning. "Simply put, Zelle fills a vital need for millions of Americans. Consumers and small businesses alike benefit from the reliability, speed, and security that Zelle offers when paying people they know and trust." 

Americans use Zelle in their everyday lives to easily and quickly pay their bills, send money to friends to cover their share of the tab, or tip a service provider.

Scaling transactions, while thwarting scams

The record period comes as the Zelle network continues its efforts to fight scams and fraud on the platform through new technology, consumer education, and user interface updates.

Zelle utilizes a multilayered security approach to create healthy friction in the system, which includes in-app messaging to validate the name of the intended recipient and to remind users to only pay people they know and trust. Zelle also provides data-driven insights for participating financial institutions to help them identify potentially suspicious payments.

Zelle has strategically partnered with key organizations to face fraud head-on. For example, it recently launched campaigns in partnership with the Better Business Bureau Institute for Marketplace Trust and the National Council on Aging (NCOA) to help users better identify and avoid potential scams and fraud. As a result of the NCOA work, a national network of 11,000 senior centers and 90 benefit enrollment centers utilized Zelle co-branded materials within their own campaigns to help spread awareness and safety messaging.

Zelle efforts have been effective. In 2023, despite an increase in transaction volume, reports of scams and fraud decreased by nearly 50%, resulting in 99.95% of payments being sent without a report of fraud or scams. 

Looking ahead, Zelle is a member of the National Task Force for Fraud & Scam Prevention, a cross-industry partnership that will develop recommendations for a national strategy to prevent fraud and scams. The task force will address different aspects of the fraud and scam lifecycle by sharing intelligence across industry, government, and law enforcement to increase prevention and detection; exposing and prosecuting criminals; and educating consumers on how to spot and report scams.

About Zelle^®

Zelle^® is transforming how money moves, with more than five billion digital payments sent since its launch in 2017. The Zelle Network^® connects over 2,200 banks and credit unions of all sizes, enabling consumers and businesses to send digital payments to people and businesses they know and trust with an eligible bank account in the U.S. Money is available directly in bank accounts generally within minutes when the recipient is already enrolled with Zelle^®. To learn more about Zelle® and participating financial institutions in the Zelle Network^®, visit www.zellepay.com. 

About Early Warning Services, LLC

Early Warning Services, LLC, a financial services technology leader, has been empowering and protecting consumers, small businesses, and the U.S. financial system with cutting-edge fraud and payment solutions for more than three decades. We are also the company behind Zelle®, and Paze℠, a new digital wallet that reimagines e-commerce payments. Early Warning partners with more than 2,500 banks and credit unions to increase access to financial services and products and protect financial transactions.

 

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SOURCE Early Warning Services, LLC