Zelle Surpasses $1 Trillion in 2024, Doubling Peer-to-Peer Payment Rivals

The bank-backed payment platform saw a 27% increase in transaction value, driven by small business adoption and growing consumer use for recurring payments.

Zelle processed over $1 trillion in payments in 2024, marking a 27% year-over-year increase and the highest ever for a peer-to-peer payment network.
The platform's user base grew by 12%, reaching 151 million accounts, with 3.6 billion transactions completed last year.
Small businesses played a significant role in Zelle's growth, accounting for $283 billion in transactions, a 32% increase in both dollar value and transaction volume.
Zelle's integration with over 2,200 financial institutions, including community banks and credit unions, has expanded its accessibility and adoption.
Fraud concerns remain a challenge for Zelle, but the company reported that 99.95% of transactions are free of fraud and has implemented measures to enhance user safety.