Zelle® Springs Into 2021 with More than $100 Billion Sent in the First Quarter
Early Warning Services, LLC, the network operator behind Zelle®, today announced $106 billion was sent through the Zelle Network® on 392 million transactions during Q1 2021. Year-over-year sent payment values increased by 74%, while payment transactions increased by 61%. Zelle® Small Business continues to be one of the fastest growth areas for the Zelle Network®, with transactions increasing 180% year-over-year.
Today, consumers of nearly 8,000 financial institutions participate in the Zelle Network®, whether accessing Zelle® through their financial institution’s mobile banking app or enrolling their debit cards in the Zelle® mobile app.
"Every month, tens of millions of people use Zelle® in their financial institutions' mobile apps to send and receive money with friends, family, and businesses," said Al Ko, Chief Executive Officer at Early Warning. "By offering Zelle®, financial institutions are increasing customer engagement across all their digital banking services and remaining at the center of the modern banking experience. We continue to focus on increasing adoption among consumers and businesses alike, while also reinforcing how to use digital payments safely."
As More Money Moves, Investing in Consumer Education Becomes More Critical.
Through its Pay It Safe initiatives, Zelle® partners with organizations to offer free financial education to consumers through modern banking courses and consumer protection resources. Through a strategic partnership with EVERFI—the leading social impact education technology company—Zelle® has reached more than 39,000 students in 47 states. Results show that high school students achieved a 39% average knowledge gain after taking the Zelle® Money Moves: Modern Banking & Identity Protection™ course. The Cybercrime Support Network recently announced a partnership with Zelle®, and this partnership will spread awareness and educate consumers and small businesses on avoiding financial fraud and scams.
Brought to you by Early Warning Services, LLC, an innovator in payment and risk management solutions, Zelle® makes it fast, safe and easy for money to move. The Zelle Network® connects financial institutions of all sizes, enabling consumers and businesses to send fast digital payments to people they know and trust with a bank account in the U.S. Funds are available directly in bank accounts generally within minutes when the recipient is already enrolled with Zelle®. To learn more about Zelle® and its participating financial institutions, visit www.zellepay.com.
About Early Warning Services, LLC
Early Warning Services, LLC is a fintech company owned by seven of the country's largest banks. For almost three decades, our identity, authentication and payment solutions have been empowering financial institutions to make confident decisions, enable payments and mitigate fraud. Today, Early Warning is best known as the owner and operator of the Zelle Network®, a financial services network focused on transforming payment experiences. The combination of Early Warning's risk and payment solutions enable the financial services industry to move money fast, safe and easy, so people can live their best financial lives. To learn more about Early Warning, visit www.earlywarning.com
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Zelle and the Zelle related marks are property of Early Warning Services, LLC.