Zelle's payment volume rises 11% in Q2
Zelle, the bank-owned P2P network operated by Early Warning, saw an 11% increase in payments volume during the second quarter from the previous quarter as it gradually adds financial institutions to its network.
More than 100 million transactions were attributed to Zelle for the quarter ended June 30, up about 17% from 85 million during the previous quarter, Zelle said in a Thursday press release. Payments volume reached $28 billion, up from $25 billion during the first quarter, Zelle said.
Currently 29 financial institutions have gone live with Zelle and another 119 financial institutions are under contract, which is just over half of the U.S.’s eligible checking accounts, Zelle noted in the release.
The numbers suggest Zelle is keeping to a steady growth path, adding 10 banks during the recent quarter.
“Each month, we welcome more financial institutions to the network, moving closer to offering a ubiquitous payments service for banks and credit unions, large and small,” said Paul Finch, CEO of Zelle parent company Early Warning Services.
At its first anniversary last month, Zelle had processed 320 million transactions for a total of $94 billion, the organization said.