Despite some concerns over its adoption by scammers, new payment service Zelle is shaping up to overtake rival Venmo this year, according to a new forecast from eMarketer. The firm expects Zelle to grow more than 73 percent in 2018, to reach 27.4 million users in the U.S., ahead of Venmo’s 22.9 million. Square Cash […]
View More Zelle forecast to overtake Venmo this yearCategory: Zelle
Zelle users are finding out the hard way there’s no fraud protection
Scammers have taken to Zelle, the Venmo alternative backed by U.S. banks, to defraud consumers who believe the service includes the same protections they’ve come to expect from PayPal. A number of customers report having lost hundreds, or even thousands of dollars, over Zelle, when they used it for transactions with people they didn’t know – like tickets bought off a… Read More
U.S. banks’ Venmo alternative, Zelle, moved $75B last year, says 100,000 people enroll daily
Zelle, U.S. banks’ answer to mobile payment services like PayPal and Venmo, claims that nearly 100,000 consumers, on average, are signing up for its service per day. The company also painted a picture of growing traction, noting it processed over 247 million payments in 2017, an increase of over 45 percent year-over-year, totalling $75 billion in peer-to-peer payments, up from $55… Read More