Why Zelle moves twice as much money as Venmo and the Cash App combined

Zelle may not have her own clothing line or suggest emojis when you pay your friend, but the peer-to-peer payment service moves a lot of money and that seems to raise eyebrows these days. -this.

Senator Elizabeth Warren targeted Zelle – and the big banks behind her – for not doing enough to protect consumers from platform fraud. She chewed on bank executives at a congressional hearing in September and specifically shed light on Wells Fargo & Co.
+ 1.86%
Thursday claiming that the company has higher Zelle fraud rates than other banks.

(Zelle said in a statement that “Wells Fargo’s recent fraud and scam rate claims are inaccurate” and that more than 99.9% of payments made on the broader Zelle network are not reported for fraud or scam. )

All this attention is apparently causing some consumers to take a closer look at Zelle as well, with one Twitter user pointing out that Zelle handled $ 490 billion in volume last year, compared to PayPal’s $ 230 billion. Holdings Inc.
Venmo and $ 15 billion for Block Inc.
Cash App.

Unlike Venmo and Cash App, Zelle is not a pop culture phenomenon. Perhaps this is why a Twitter user seemed surprised by the relative size of the platform.

“I don’t know anyone who uses Zelle … but they have 2x Venmo and Cash App …

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