News

Zelle transactions, payment volume surge on holiday spending

January 31, 2020

Early Warning Services, parent of the Zelle Network, reported strong fourth-quarter spending surged on the P2P service, driven by increased gift money giving during the holiday shopping season. 

The Zelle Network processed 230 million transactions during the quarter, representing $56 billion in money spent during the quarter, an increase of 14% and 17% year-over-year. 

For the calendar year, Zelle Network processed $187 billion in payments on 743 million transactions, an increase of 57% and 72% respectively year-over-year. 

"2019 was a monumental year, with one in two U.S. adults with a bank account gaining access to Zelle in their mobile banking act," Lou Anne Alexander, chief product officer at Early Warning, said in a release.