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Zelle has released 2017 stats, showing over 247m payments totaling $75b passing through the platform - more than double Venmo's volume. With over 60 financial institutions using Zelle as their P2P payments tech, the company counts 50% of U.S. demand deposit accounts in its ecosystem.
Though Zelle has the advantage of its banking partners and integration, it’s too soon to count out its rivals. Venmo, for example, has been expanding beyond social payments to include the world of online shopping. In October, the company announced that Venmo would now work at over 2 million online U.S. retailers – almost everywhere PayPal is accepted online today. And both services will support instant bank transfers, to limit the appeal of Zelle and retain their existing users. Zelle says its service is available on more than 95 million phones, but isn’t saying how many people actually use it on a daily, weekly or monthly basis.
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