Zelle shuts down standalone P2P payments app. Zelle helped American consumers and small businesses send over $1 trillion in 2024 only.

With the vast majority of people using its services through their banks, American person-to-person payments provider Zelle is shutting down its standalone app, according to Finextra.

Launched by bank-owned Early Warning Services in 2017, Zelle now has more than 2200 financial institutions on its network and was used by consumers and small businesses to move nearly half a trillion dollars in the first half of 2024.

At launch, Early Warning created a standalone Zelle-branded app for Americans whose banks or credit unions had not yet joined the network. But, this app is now used for just two per cent of transactions, with the rest carried out through banks’ own apps.

As a result, last year, the decision was made to phase out the Zelle app by March and it is now no longer available.

$1 Trillion Sent in a Single Year

Zelle announced that in 2024 the network reached 151 million enrolled users and helped American consumers and small businesses send over $1 trillion—the most money ever sent by a person-to-person payments service in a single year. The fourth quarter was the best in the history of Zelle in terms of total money sent driven by user growth and popular use cases like paying rent and holiday gifting.

2024 highlights include:

. 151 million consumer and small business accounts are enrolled to use Zelle, an increase of 16 million from 135 million in 2023.

. Zelle transactions grew 25% from 2023 to a total of 3.6 billion, exceeding $1 trillion in annual payments volume for the first time. This is a 27% increase year-over-year in total dollars sent on the platform.

“Zelle is not just a popular way to send money, it’s a vital tool that’s transforming how money moves across America,” said Denise Leonhard, general manager of Zelle. “It is the go-to peer-to-peer payment method for millions of hardworking Americans, and this milestone is a testament to the trust they place in us every day. We remain intently focused on expanding access to Zelle because it unlocks opportunity for individuals, small businesses, community banks, and credit unions.”