According to the company, Zelle is shutting down its standalone app on Tuesday Blog post.
If you’re one of the overs, this news might be surprising 150 million customers In the US, using Zelle to pay from individuals to people. However, the company has abandoned its standalone apps as it only covers around 2% of transactions that take place through Zelle’s app.
Most consumers access Zelle through banks. This allows you to send money to your phone contacts. Zelle users who rely on standalone apps will need to re-register the service through another financial institution.
Given the small user base of the Zelle app, it makes sense why the company decides to remove it. It’s where time and money are involved, especially people’s financial information, to maintain the app.
Zelle was launched in 2017 with support from 30 banks, making it a more efficient alternative to Venmo. With Venmo, users can receive payments to their Venmo wallets. You can deposit this into your actual bank account, but if you don’t want to wait a few days to process your deposit, you will need to pay for an immediate transfer. Because of Zel’s connection to the bank, instant transfers can be provided without charging additional fees.
Zelle said the user submitted it in 2024 1 trillion dollars Payment breaks records from other payment apps. This may be true as consumers tend to use Zel for large payments like rent. Meanwhile, Venmo is designed for more social use, such as reimbursing friends for dinner.
