Zelle small-biz payments volume jumps 30% quarter-on-quarter

The Zelle P2P network is being used more often for purchasing, with consumer payments to small businesses up 30% from the prior quarter.

The consumer-to-SMB increase comes after several large banks, including Bank of America, Chase, Citi, U.S. Bank, FirstBank, Frost Bank, FirstBank and Morgan Stanley made Zelle available to small business customers earlier this year, Zelle said in a Monday press release.

During the quarter ended Sept. 30, Zelle users sent $4.5 billion in payments to U.S. small businesses, Zelle said. The Zelle network is operated by bank-owned Early Warning Services LLC.

The heaviest small-business Zelle users include property owners and service providers to homes, and well as companies in the fitness industry, Zelle has said.

Zelle also powered around $500 million payments in the third quarter from all types of businesses to consumers, primarily for B2C disbursements, Zelle said in the release.

In the past 12 months, Zelle notched 1 billion transactions, with 323 million transactions alone in the third quarter, up 17% from the previous quarter. Payment volume during the quarter totaled $84 billion, up 18% during the same period, Zelle said.

The Zelle network continues to expand, with 731 financial institutions live and nearly 300 more under contract to go live in coming months, according to Zelle.

In a recent survey Zelle conducted, 75% of users said they are most likely to use P2P services to give cash to friends and family during the pandemic, the press release said.

“As a free service, Zelle is available to more than 140 million consumers in their mobile banking apps or in the Zelle app, and is used for the most important life essentials such as sending contactless payments to local businesses and money to friends and family in need,” said Al Ko, EWS’ CEO, in the release.


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