![]() ![]() “That might deter some people from using a PayPal or Venmo.” “People are a lot more likely to use that just because they don’t have to download a whole new app,” said Bill Hardekopf, the chief industry analyst at. Those banks are among more than 1,700 financial institutions that allow their customers to easily use the service through their own platforms. It’s run by Early Warning Services LLC, which is owned by the big banks. Unlike Venmo and the Cash App, Zelle isn’t a pop-culture phenomenon, but its strong volumes shouldn’t come as too big a shock given that the service has a key advantage. Block doesn’t report total GPV for the Cash App inclusive of consumer payments, but the company has disclosed that as of March 2022 it had 80 million annual active users who participated in a financial transaction through the platform’s network. That tweet also mentioned $15 billion in volume for for Block Inc.’sĬash App, though that statistic isn’t directly comparable because it represents only the platform’s business volumes. This attention apparently has some consumers taking a closer look at Zelle as well, with one Twitter user highlighting that Zelle processed $490 billion in volume last year, compared with $230 billion for PayPal Holdings Inc.’s Zelle said in a release that the “recent statements regarding Wells Fargo’s fraud and scam rates are inaccurate” and that more than 99.9% of payments made on the broader Zelle network are sent without being reported for fraud or scams. ![]() ![]() ![]() On Thursday by saying that the company has higher rates of Zelle fraud than other banks. She chewed out banking executives at a September congressional hearing and more specifically lit into Wells Fargo & Co. Elizabeth Warren has been taking aim at Zelle - and the big banks behind it - for not doing enough to protect consumers from fraud on the platform. ![]()
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