News

Zelle moves $28B in 100M Q2 transactions

July 27, 2018

The multibank-owned person-to-person payment platform Zelle processed 100 million transactions worth $28 billion during the second quarter of the year, according to a press release. 

Transaction volume increased 17 percent from Q1 to Q2 and total money moved increased 11 percent. More than 67 million tokens have now been enrolled in the Zelle network.

Zelle celebrated its first anniversary on June 12; in its first year of operation, the platform has processed more than 320 million transactions valued at $94 billion. Transaction volume and value are up 77 percent and 62 percent, respectively, from June 2017.

In the second quarter, consumers averaged six transactions and sent an average of $281 per.

"In a phenomenal year for the banking industry, consumers have embraced Zelle as a fast, safe and easy way to send money digitally," Early Warning CEO Paul Finch said in the release. "Zelle reaches more than 100 million consumers through mobile banking apps and millions more through our standalone app. Each month, we welcome more financial institutions to the network, moving closer to offering a ubiquitous payments service for banks and credit unions, large and small."