Watch out, Venmo — there’s another payments app on the rise.
Zelle is a year-old service that lets you digitally transfer money to someone else, no cash, checks, or wire transfers required. It sounds a lot like Venmo, but there’s one key difference: Zelle was created by the five largest banks in the US.
Last summer, JPMorgan, Bank of America, Wells Fargo, US Bancorp, and Capital One joined together to launch Zelle. Both Venmo and Zelle let you send money to friends instantly. The difference with Zelle is that you don’t have to wait to receive the money in your bank account.
This feature may have contributed to why Zelle is becoming so popular. According to eMarketer data, Zelle is now the most-used peer-to-peer payment app in the US, and is expected to grow more than 73% in 2018. By the end of the year, eMarketer predicts Zelle will have 27.4 million users, compared to Venmo’s 22.9 million users.
So what makes Zelle different from Venmo, and how can you start using it? Here’s everything you need to know.
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The easiest way to get started with Zelle is to download the mobile app. Zelle will ask to use your location, but you’re allowed to skip that step.
Next, the app will ask you to enter your phone number.
From there, you’ll be able to see a list of the top banks that use Zelle. You can select your bank from the list, or view the full list available banks.
You can also search for your bank on Zelle’s website.
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Source:: Business Insider