Zelle: A New Way To Pay Pals

Banking, Investing & Retiring


MoneyTips

If you want to send money directly to your friends online, there are a number of apps that allow you to do so, including Venmo. Venmo is one of the leading person-to-person (P2P) financial apps, successful to the extent that it is sometimes used as a verb (“Just Venmo me the money”).

That may change. A new app that has been called the “Venmo Killer” is being introduced to take on Venmo and other money transfer platforms such as Google Wallet.

The new Zelle website and mobile app is the banking industry’s answer to Venmo and similar mobile payment platforms with origins in the tech and social media world. Zelle is the product of six years of evolution through clearXchange, a service originally created by Bank of America, Wells Fargo, and Chase in 2011. Over time, the service has grown to include more banks through ownership by the banking industry consorti…



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