Transaction Trends

The bank-backed P2P network Zelle announced last week in a press release that it moved $75 billion across its network in 2017, a record for the service and a significant increase over 2016.

Zelle experienced a 36 percent year-over-year increase from 2016, when the network, then called clearXchange, moved $55 billion, the release said. More than 247 million payments were processed by the network, an increase of more than 45 percent year-over-year on the 170 million transactions processed in 2016, according to the release.

 “Consumers are looking to digital solutions to replace physical checks and cash as a way to pay friends and family,” said Paul Finch, CEO at the bank-owned Early Warning Services which owns Zelle, “the convenience of Zelle on more than 95-million phones provides a unique market opportunity to change consumer mobile banking behavior.”

More than 60 financial institutions have joined the P2P network, the release said. Many major mobile banking apps come preloaded with Zelle¸ though the service does offer a standalone app on both Android and iPhone. Zelle says that its presence on mobile banking apps makes it available to 95-million consumers. According to the release, the P2P network was experiencing an average of 100,000 “token enrollments per day.”

Read the full release here.