US Banks Team Up for P2P Money Service Zelle
- Friday, August 26th, 2016
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A consortium of US banks have unveiled plans for the launch of Zelle, a person-to-person mobile payment service, in the first half of 2017.
The members of consortium, which includes Bank of America, Capital One and JP Morgan Chase, together account for the majority of US consumer accounts.
Zelle is a follow-up to the consortiums existing peer-to-peer payment product ClearXchange, which can be used to send money using a phone number or email address, across banks. This new service is intended as a challenger to payments apps like PayPals Venmo, which has gained popularity by allowing users to send money to friends on social media.
