Early Warning Services, LLC., the network operator of Zelle®, today announced that the person-to-person payments network helped 143 million consumers and small businesses move nearly half a trillion dollars — $481 billion, up 28% year-over-year in the first half of 2024. Transaction volume on Zelle increased by 27% year-over-year to over 1.7 billion transactions sent by individuals and small businesses across the network.  

Highlights:  

• Zelle helped consumers and small businesses move nearly half a trillion dollars in the first half of 2024.  
• Consumers and small businesses sent money 1.7 billion times, a 27% increase from the first half of 2023.  
• As of June 2024, 143 million consumer and small business user accounts were enrolled to use Zelle, up 17 million from the first half of 2023.  
• Zelle users sent $1.8 million per minute, $110 million per hour, and $2.6 billion per day in the first half of 2024.  

“Alongside our network of more than 2,200 banks and credit unions, we operate the leading network for easy and secure digital payments and do so while providing unparalleled protection to those who rely on our platform,” said Cameron Fowler, CEO of Early Warning.

 “Simply put, Zelle fills a vital need for millions of Americans. Consumers and small businesses alike benefit from the reliability, speed, and security that Zelle offers when paying people they know and trust.”   

 Americans use Zelle in their everyday lives to easily and quickly pay their bills, send funds to cover their share of the tab, or tip a service provider.   

Scaling transactions, while thwarting scams  

The record year comes as the Zelle network continues its efforts to fight scams and fraud on the platform through new technology, consumer education, and user interface updates.  

Zelle utilizes a multilayered security approach to create healthy friction in the system, which includes in-app messaging to validate the name of the intended recipient and to remind users to only pay people they know and trust. Zelle also provides data-driven insights for participating financial institutions to help them identify potentially suspicious payments.   

Zelle has strategically partnered with key organizations to face fraud head-on. For example, it recently launched campaigns in partnership with then Better Business Bureau Institute for Marketplace Trust and the National Council on Aging (NCOA) to help users better identify and avoid potential scams and fraud. As a result of the NCOA work, a national network of 11,000 senior centers and 90 benefit enrollment centers utilized Zelle co-branded materials within their own campaigns to help spread awareness and safety messaging.  

 Zelle’s efforts have been effective. In 2023, despite an increase in transaction volume, reports of scams and fraud decreased by nearly 50%, resulting in 99.95% of payments being sent without a report of fraud or scams.    

Looking ahead, Zelle is a member of the National Task Force for Fraud & Scam Prevention, a cross-industry partnership that will develop recommendations for a national strategy to prevent fraud and scams. The task force will address different aspects of the fraud and scam lifecycle by sharing intelligence across industry, government, and law enforcement to increase prevention and detection; exposing and prosecuting criminals; and educating consumers on how to spot and report scams. 

The post More People Than Ever Choose Zelle with Nearly Half a Trillion Dollars Sent in First Half of 2024 appeared first on FF News | Fintech Finance.