The goal is to "broaden digital payments from millennials to mainstream," a Zelle spokesperson told CNBC, but that doesn't inherently eliminate competition from third-party processors like PayPal and Square. Mobile payments app Zelle has already overtaken Wells Fargo 's Wells Fargo in payment volume, despite having launched last year . Zelle is a person-to-person payments app, backed by dozens of US banks including Bank of America and Wells Fargo . It moved $ 35bn last year , significantly more than double the $ 35bn moved by Venmo during the same period. Zelle lacks Venmo 's social features but its integration with major banks has boosted its popularity, especially with older users.
Mobile payments app Zelle has already overtaken Wells Fargo 's Wells Fargo in payment volume, despite having launched last year . Zelle is a person-to-person payments app, backed by dozens of US banks including Bank of America and Wells Fargo . It moved $ 35bn last year , significantly more than double the $ 35bn moved by Venmo during the same period. Zelle lacks Venmo 's social features but its integration with major banks has boosted its popularity, especially with older users.