Zelle Payments Transactions Increase 58 Pct; Reaches 500M US Bank Accounts

The Zelle® Network processed $120 billion on 436 million transactions in the second quarter, the company announced Thursday (July 29).

Early Warning Services, the corporate parent of Zelle, said that its transaction results included signed financial institutions (FIs), which represented over 500 million Demand Deposit Account (DDA) accounts.

The release said that year-over-year sent payment values were up by 68 percent and payment transactions were boosted by 58 percent.

One of the new participants in the network is the Syracuse Fire Department Employees Federal Credit Union. “By offering Zelle in our app, we are giving our 6,000 members a convenient way to transact digitally,” Syracuse Fire Department Employees Federal Credit Union CEO Andrea Thune said in the announcement.

“Zelle plays the role of digital cash for tens of millions of people and businesses, giving them a fast, easy and safe way to send and receive money in an app they use and trust,” Early Warning CEO Al Ko said in the announcement. “First responders and their families are an important community, and it is an honor for Zelle® to now be a part of the financial services offered by Syracuse Fire Department Employees Federal Credit Union.”

Management also said companies of various sizes had harnessed Zelle when “checks and cash were no longer options” amid the hurdles of the last one and a half years.

“Zelle Small Business continues to be a fast-growth area in the network, growing 157 percent year-over-year,” according to management.

PYMNTS previously reported that Zelle had processed 392 million transactions in the first quarter of 2021. Compared to the same time last year, the number of transactions was up by 61 percent. The press release added that there had also been a rise in the value of payments, which increased by 74 percent.

Ko said at the time that the company is looking to increase adoption of the service “among consumers and businesses alike, while also reinforcing how to use digital payments safely.” In 2020, Ko said the company continues to welcome all sizes of FIs.