The most popular P2P mobile payment service is…
Zelle may be a newer peer-to-peer (P2P) payment option, but the service is making a name for itself.
Zelle, a digital payments network that enables users to send and receive money within minutes, will grow by more than 73% in 2018, to reach 27.4 million users in the United States by year’s end. This puts it slightly ahead of Venmo's 22.9 million users, according to data from eMarketer.
This year, the total number of P2P mobile payment users in the U.S. will grow nearly 30% to reach 82.5 million people, or 40.5% of U.S. smartphone users. As a result, Zelle will continue its upward trajectory.
According to data, Zelle is expected to hit 43.2 million users in 2020, and 56.1 million users by 2022. Venmo will also continue to grow, albeit in the shadow of Zelle. The service is expected to jump to 31.5 million users in 2020, and 38.7 million in 2022.
Coming in at a distant third is Square Cash, with 9.5 million users. The company will also continue to grow its customer base, with an expected 13.6 million users in 2020, and 16.2 million users in 2022.
“Zelle, a P2P service made up of a network of 30 U.S. banks, has catapulted itself to the top of mobile P2P payments, rivaling more established apps such as Venmo,” said eMarketer forecasting analyst Cindy Liu. “One of the main hurdles new apps face is building trust and a sizable audience. But Zelle has leapfrogged the early stages of adoption by having the benefit of being embedded into the already existing apps of participating banks.”
Zelle, a digital payments network that enables users to send and receive money within minutes, will grow by more than 73% in 2018, to reach 27.4 million users in the United States by year’s end. This puts it slightly ahead of Venmo's 22.9 million users, according to data from eMarketer.
This year, the total number of P2P mobile payment users in the U.S. will grow nearly 30% to reach 82.5 million people, or 40.5% of U.S. smartphone users. As a result, Zelle will continue its upward trajectory.
According to data, Zelle is expected to hit 43.2 million users in 2020, and 56.1 million users by 2022. Venmo will also continue to grow, albeit in the shadow of Zelle. The service is expected to jump to 31.5 million users in 2020, and 38.7 million in 2022.
Coming in at a distant third is Square Cash, with 9.5 million users. The company will also continue to grow its customer base, with an expected 13.6 million users in 2020, and 16.2 million users in 2022.
“Zelle, a P2P service made up of a network of 30 U.S. banks, has catapulted itself to the top of mobile P2P payments, rivaling more established apps such as Venmo,” said eMarketer forecasting analyst Cindy Liu. “One of the main hurdles new apps face is building trust and a sizable audience. But Zelle has leapfrogged the early stages of adoption by having the benefit of being embedded into the already existing apps of participating banks.”