A consortium of US banks, including Wells Fargo, JPMorgan Chase and Bank of America, are rolling out a new P2P money transfer app to take on Venmo and other mobile payment upstarts.
The app, named Zelle, will offer the same kind of instant, P2P money transfers users of Venmo have been
US banks roll out Zelle P2P money transfer app to take on Venmo
making for years – and that banks have been eager to offer as they try to stay relevant to younger customers.
Zelle users will be able to send money to almost anyone, as long as they have a Visa- or Mastercard-branded debit card. That’s a feature that Venmo has long had but something new for the big banks, which have operated a more limited person-to-person payment system for several years.
The money would be transferred immediately and could be used to pay bills or make payments to friends or others.
In addition, customers of the 17 institutions that have founded the Zelle network, who count some 76 million customers, will be able to use Zelle to send money while signed into their bank’s mobile apps.
In the long-term, the banks hope that essentially all US financial institutions will be part of the network and that the app might not even be necessary.
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