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To use Zelle, the sender and recipient can download the app and conduct transactions using an email address or mobile number — regardless of bank affiliation. Customers can also use Zelle to split payments, if need be. The app will compete directly with other mobile and digital P2P services like Venmo and Square Cash.
This app will provide consumers with another channel to access Zelle's services.
Anyone - Debit - Card - Zelle - Zelle
Almost anyone with a debit card can now use Zelle. Zelle is partnered with many major banks — including Bank of America, JPMorgan Chase, and Citi, among others. The app will also allow consumers with accounts at smaller banks and credit unions that don't support Zelle on their digital platforms to use its services. And through partnerships with Visa and MasterCard, almost anyone with a debit card linked to a US bank account can use the app. Additionally, the Zelle app won't support credit cards, allowing it to offer free transfers. That could extend its reach to up to 86 million users.
A standalone app makes Zelle a competitor for millennials' P2P business. Digital P2P payments tend to be favored among millennials, but Zelle's bank-app focus has helped it target an older generation, by introducing them to digital P2P in a familiar environment. But as a standalone service, the app will more directly compete against players like Venmo and Square Cash in the crowded market. That could heat up the space — Venmo, the market leader, saw $14.8 billion in volume in the first half of 2017, while Zelle partner banks' P2P services were...
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