Mobile payments app Zelle has already overtaken Google 's Venmo in payment volume , despite being launched less than a year ago . Money changes hands, friends laugh about funny memo lines and a broader network gets a glimpse at your enviable weekend plans. It is a person - to - person payments app , backed by dozens of US banks including Bank of America and Wells Fargo . It moved $ 75bn last year , significantly more than double the $ 35bn moved by Venmo during the same period . Zelle lacks Venmo 's social features but its partnership with major banks has boosted its popularity , especially with older users .
Mobile payments app Zelle has already overtaken Google 's Venmo in payment volume , despite being launched less than a year ago . It is a person - to - person payments app , backed by dozens of US banks including Bank of America and Wells Fargo . It moved $ 75bn last year , significantly more than double the $ 35bn moved by Venmo during the same period . Zelle lacks Venmo 's social features but its partnership with major banks has boosted its popularity , especially with older users .