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U.S. Banks And Credit Unions Unveil Person-To-Person Payments Service Called Zelle

U.S. Banks And Credit Unions Unveil Person-To-Person Payments Service Called Zelle

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After years of watching Silicon Valley innovators such as PayPal Inc.’s Venmo, Square Inc. and Apple Inc. build peer-to-peer payment systems, a coalition of more than 30 U.S. banks and credit unions are unveiling their own unified service to customers called Zelle,
About 86 million mobile-banking customers will see Zelle logos in their apps, managing their accounts, as bankers hope the service will cut down on the 1 billion cash and check payments banks process each year. Millennials have embraced person-to-person payments as an easy way to split dinner fare or pay rent. BM

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