While Zelle is working hard to become the Venmo for grown-ups, it is also pushing into retail payments, particularly in opportunities for displacement of cash and check and where funds are needed in minutes rather than days or weeks.
The P-to-P payments service promises to clear transactions in near-real time, but many consumers have complained that they have been unable access their money or even open accounts. Zelle has acknowledged the delays and says they are a result of its rigorous enrollment process.
U.K. startup Flux has signed up a few banks for its platform that delivers real-time receipts to mobile banking apps. The problem is that few retailers are interested, and experts say that’s not likely to change any time soon.