In 2024, Zelle made history by surpassing $1 trillion in total transactions, setting a new record in the peer-to-peer (P2P) payments industry. This milestone highlights Zelle’s rapid expansion and dominance, outpacing competitors like Venmo, PayPal, and CashApp.

The total money transferred through the platform jumped 27% compared to last year. According to Denise Leonhard, General Manager of Zelle, this is the largest amount of money ever moved through a P2P service in a single year.

Launched in 2017, Zelle was created as a bank-backed alternative to fintech payment apps. Its direct integration with banking apps has given it a competitive edge, making real-time transfers faster and more convenient for users.

While PayPal remains a major player, it reported $400 billion in P2P payments in 2024—less than half of Zelle’s volume. The backing of major U.S. banks, including JPMorgan Chase, Bank of America, and Wells Fargo, has allowed Zelle to grow faster by enabling direct bank-to-bank transfers without requiring a third-party app.

One of the key drivers behind Zelle’s success is its expanding use among consumers and small businesses. More people use it for rent payments, nanny services, and other daily transactions. Businesses are also embracing Zelle as an easy way to send and receive payments instantly without the fees associated with other platforms.

Zelle is expected to remain the top choice for instant digital payments as its business adoption grows.