Zelle Processes 100 Million Mobile Payments in Second Quarter Alone

July 31, 2018         By: Steven Anderson

If anyone believed that Zelle was just another addition to the burgeoning mobile payments market, then it’s time to think again. This clear challenger to Venmo and the others in the field just posted some exciting new numbers about its second quarter operations. The Zelle platform recently announced that, for its second quarter ending June 30, the platform processed fully 100 million transactions worth a cumulative total of $28 billion.

That’s bombshell enough by itself, but it’s even more shocking to consider that quarter in light of Zelle’s overall lifespan. The platform turned a year old back on June 12, and when it celebrated that birthday, it had processed just over 320 million transactions with a combined total of $94 billion.

That means, essentially, in just the second quarter, it processed almost a third of all the transactions ever seen on the network for almost a third of the overall value. Naturally, there’s some overlap in there since the yearly figures came out June 12 ahead of the end of the second quarter June 30, but we’re still talking about a huge chunk of the company’s entire figures coming from just one quarter. Customers averaged six transactions in the second quarter, and each transaction was worth about $281 total.

Zelle has taken off like a house afire, there’s just no other way to put it. It’s put on about a third of its total just in the last few months, and if it can keep up that rate of growth it will be one of if not the biggest name in mobile payments around. It doesn’t even have to keep that rate up to be a success; it’s pulling in a hefty sum for its coalition of owners above and beyond what they were already making.

Still, it’s a surprise to see Zelle come so far so fast. It’s hard to even account for how it’s brought in that kind of business that rapidly; no sales, promotional efforts or anything else seems to have gone in here. If nothing else, it proves there’s a brisk interest in mobile payments out there, and we may well see more players enter the market trying to take on Zelle and the rest of the bigger, more established names.