Mobile payments app Zelle has already overtaken PayPal's Venmo in payment volume, despite having launched less than a year ago. PayPal's Venmo cornered the market early, with a clean interface, a level of widespread adoption necessary for end-to-end transactions and a social component that Zelle notably lacks. Zelle 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. The company says it now processes over $1tn (£730bn) worth of transactions every year.
Mobile payments app Zelle has already overtaken PayPal's Venmo in payment volume, despite having launched less than a year ago. Zelle 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. The company says it now processes over $1tn (£730bn) worth of transactions every year.