Zelle closes its application, but perhaps you don’t have to worry

Zelle closes its independent application on Tuesday, according to a company Blog post.

This news may be worrying if you are one of the most 150 million customers In the United States who use Zelle for payments from person to person. But only about 2 % of transactions are carried out through the Zelle application, which is why the company stops its independent application.

Most consumers reach Zelle via their bank, which then allows them to send money to their phone calls. Zelle users who relied on the independent application will have to re -register the service through another financial institution.

Looking at the Zelle small user base, it makes sense why the company decides to get rid of it – keeping the application takes time and money, especially the financial information in which people participate.

Olive It was launched in 2017 With support from 30 banks to be a more efficient alternative in Venmo. In Venmo, users can get payments in their Venmo portfolio, which they can then deposit in their actual bank account – but if you don’t want to wait a few days until you have to deposit it, you will have to pay a fee for immediate conversion. Due to Zel’s relationships with banks, they are able to provide immediate transfers without imposing additional fees.

Zell said that in 2024, he sent users 1 trillion dollars In payments, break the record of any other payment application. This may be the case because consumers tend to use Zelle for large payments such as rent. On the other hand, Venmo is designed for more social use, such as a friend compensation for dinner.