Zelle Reveals Americans Sent $1 Trillion on the Platform in 2024: Is It the Best Way To Transfer Money?
Written by
Stacy Sare Cohen
Edited by
Angela Corry
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The Zelle platform hit $1 trillion in transactions over its network in a single year among its 151 million enrolled users, according to an announcement by the company on Feb. 12.
Zelle is a peer-to-peer (P2P) payment platform that allows enrollees to send and receive payments directly from their bank account using an email address or phone number. Users can send money to family, friends and even small businesses in minutes with a Zelle account.
The money can appear in a Zelle user’s account in minutes. However, there is a limit to how much you can send, which is determined by your financial institution.
Is Zelle the best way to transfer money in 2025? Here are some reasons it could work for you.
Instant Transfers Without the Fees
The best thing about Zelle is how fast the payment is deposited in your bank account. Zelle is a great option for sending money to friends and family with bank accounts, said Chad Gammon, CFP and owner of Custom Fit Financial.
“Its main advantage is that it is faster than standard transfers on Venmo or PayPal,” said Gammon.”While both offer instant transfers, they come with a fee, whereas Zelle’s speed is a standard feature.”
Another benefit is that Zelle is integrated directly into many banking apps, eliminating the need for a separate application, said Gammon.
One caveat with Zelle compared to other payment platforms, such as PayPal, is that the transaction cannot be reversed or canceled once you send payment.
Zelle’s Fraud Prevention Efforts
Zelle has faced fraud and scam issues, particularly on Facebook Marketplace and other online platforms. To address the problems, Zelle launched a national task force in 2024 to fight fraud prevention and consumer education.
By forming partnerships with law enforcement, industry leaders and government agencies, including the National Council on Aging (NCOA) and the Better Business Bureau Institute for Marketplace Trust, Zelle hopes to raise consumer awareness.
Services like Zelle are seeing increased adoption as consumers become more comfortable with alternative payment methods,” said Michael Hershfield, founder and CEO of Accrue. “As more people rely on digital wallets, small businesses can stay ahead by offering quick, secure payments, overall, meeting customers where they are.”
“Today’s consumers want convenience; they want the ability to pay with just their phone and keep things hassle-free,” he added.
Ultimately, only you can decide if Zelle is the best way to transfer money for your financial needs.
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