Zelle will close its standalone app on Tuesday, a company said. Blog Posts.
If you are one, this news can be shocking 150 million customers In the United States, Zelle is used to make payments by person. However, only about 2% of the transactions are made through Zelle’s app, which is why the company stopped its standalone app.
Most consumers visit Zelle through their bank and then allow them to send money to their phone contacts. Zelle users relying on standalone applications will have to regain services through another financial institution.
Given that the Zelle app has a small user base, it makes sense why the company decided to get rid of it – maintaining the app takes time and money, especially those that involve people’s financial information.
Zelle Launched in 2017 Support from 30 banks is a more effective alternative to Venmo. On Venmo, users can receive payments from their Venmo wallet, which they can then deposit into their actual bank account – however, if you don’t want to wait a few days before the deposit is processed, you have to pay the instant transfer fee. Thanks to Zelle’s connection with the bank, it can provide instant transfers without additional charges.
Zelle said in 2024, users sent $1 trillion In payment, break the records of any other payment app. This may be the case, as consumers tend to use Zelle for larger payments, such as rent. Venmo, on the other hand, aims for more social uses, such as paying off dinner to friends.
