Zelle User Statistics (2022)

zelle stats
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Wouldn’t you want to enjoy a seamless internet banking experience? Sure you do. Zelle statistics does not only show how rapid the app growing, but how much of a solution the bank app is.

Well, this article explores some amazing statistics of this remarkable online banking service. First, let’s know what the Zelle app is all about.

What is Zelle?

Zelle is an online banking service that enables you to transfer and receive money to and from your trusted associates.

It is a peer-to-peer payment service that offers a secure, fast and easy way to transfer money to friends and family as long as both parties are registered on Zelle.

All you need to do to make use of this channel is to sign up with Zelle using your email or US mobile phone number through your mobile banking app. Or you can sign up directly with the Zelle app.

What more? Transactions are completed within minutes and both the sender and the  receiver are satisfied. The Zelle app comes totally free and doesn’t charge any fee to send and receive money.

Most banks and unions affiliated with Zelle carry out transactions with the app free of charge. Now, a brief history on Zelle.

When Was Zelle Created?

According to Techcrunch, JPMorgan Chase, Wells Fargo and Bank of America teamed up to create a digital P2P service called ClearXchange which was launched in 2011.

ClearXchange laid the foundation for Zelle and its network was in use by several banks in the United States. In early 2017, transactions on ClearXchange network were over 51 million, adding up to about $16 billion. 

ClearXchange rebranded to become Zelle and was launched in June, 2017 by Early Warning Services, LLC, a FinTech company owned by seven banks. 

The banks include Wells Fargo, JPMorgan Chase, PNC Bank,Truist, Bank of America, U.S. Bank and Capital One. Its headquarters is located in Scottsdale, Arizona, USA.

Now let’s dive into some Zelle statistics.

Zelle Statistics: Number of Users

Zelle network records a lot of users especially in these times where transactions are carried out without cash but through electronic transfers. 

Zelle press release reveals that consumers of almost 10,000 financial institutions are users of this P2P service. These users either access Zelle through the mobile banking app of their financial institutions or through the Zelle app directly by enrolling with their debit cards.

Analysis from Similarweb reveals that monthly visits to Zelle website totals over 4.4 million in April, 2022 and over 4.2 million the previous month. 

Zelle Statistics: Number of Downloads

According to Sensor Tower, the Zelle app had a total of about 700,000 downloads just in April, 2022.

Google play store records over 10 million downloads of the app.

User Growth Rate History 

zelle user growth
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According to Techcrunch, ClearXchange network had supported about $55 billion in P2P transactions.

ClearXchange had already set up a good pace and in the first quarter of 2017, transactions were totaling 51 million, which has totaled to over $16 billion.

This P2P service saw unprecedented growth in the following years. In fact its stats are so impressive and are unbeaten by any other P2P service in the United States. 

According to Forbes Advisor, Zelle users transacted about 1.2 billion times totaling about $307 billion in 2020. Also almost 500 new financial institutions joined the Zelle network. 

Zelle Press Release reveals their amazing year-over-year growth. In 2021, sent payment values increased by 59% and transaction volumes increased by 49% when compared with records of 2020.

There was also a 162% year-over-year rise in payments received by small businesses.  Also, analysis from Zelle also shows that by the end of 2021, Zelle network recorded 1.8 billion payments that passed through it totaling about $490 billion.

Today Zelle is the most popular peer-to-peer service in the United States and accessible in the mobile banking apps of over 1,000 banks and unions.

App Rankings 

Analysis from Mobile Action puts Zelle app as the #5 top free app in the finance category in the United States for both android and iOS users. 

Zelle app has a 5 out of 5 star rating on Google play store after over 98,000 reviews. It also has a 4.8 out of 5 star rating on Apple app store after over 395,000 reviews. 

User Demographics 

Who Are the Users of Zelle?

Zelle is available only in the United States. It is accessible only to customers with a US registered mobile number and a US bank account.

This applies not only to the sender but also to the receiver. Zelle cannot be used internationally.

Zelle Statistics: Gender Distribution

Analysis from Similarweb reveals the following:

  • Males constitute about 58% of Zelle’s users.
  • Females constitute about 42% of Zelle’s users

Age Distribution 

The following reveals percentage usage of Zelle on desktop according to age groups:

Age  Percentage usage 
18-24 17.27%
25-34 27.88%
35-44 20.51%
45-54 15.35%
55-64 11.46%
65+ 7.53%

Source: Similarweb 

It can be seen here that the largest group of visitors are made of individuals between 25 and 34 years old.

Zelle Statistics: Traffic Sources by Country 

  • United States: 87.37%
  • Dominican Republic: 1.58%
  • Canada: 0.92%
  • Venezuela: 0.77%
  • United Kingdom: 0.59%
  • Others: 8.78%

Source: Similarweb 

Zelle Revenue 

How Does Zelle Make Money?

According to Productmint, Zelle does not make any money for now. Rather, its participating banks gain revenue when a user pays for goods and services. The revenue is generated from processing fees paid by merchants. 

It is speculated that the app would be monetized in the future. So for now, the participating banks fund and maintain the Zelle network.

Zelle Management Team

Meet the executives of Early Warning Services, LLC, the FinTech company behind Zelle:

  • Paul Finch. CEO/President 
  • Donna Turner. Chief Operating Officer 
  • Aaron Bartrim. Chief Technology Officer 
  • Rose Corvo. Chief Marketing Officer 
  • Rich Dean. Vice President, Sales Operations 
  • Cory Davis. Vice President, Business Line Finance 
  • Todd Anderson. Vice President, Technology 
  • Tomasz Stechly. VP, Platform and Cloud Engineering 
  • David Tiezzi. VP Sales, Head of Partners and Channels
  • Ian Macallister. VP, Head of Sales and Customer Success 
  • Jeremiah Glodoveza. VP, Marketing and Communications

Source: Comparably 

zelle send money
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Conclusion

These Zelle statistics shows that the app has been around for sometime now. The app’s visibility is rising and users are making various transactions with ease.

It’s fast. It’s easy to use. It’s secure. It’s reliable. Whether you’re trying to send money to your friends and family or to pay for groceries in a store or pay for services, Zelle is your best choice.