What payment method is zelle?

Zelle is an electronic payment method

1. Zelle is a free app (versions 3, 23, 6) that connects to more than 30 banks in the United States and other person-to-person payments. Payment services such as Apple Pay and Venmo are dividing the market together, each claiming its own side. Users can send money to recipients at any other bank through Zelle. If your account opening bank is already a Zelle partner, you can access it directly through the bank app. There is no need to download the Zelle app separately or create an additional account. If your bank does not support Zelle, to transfer money through Zelle, you not only need to download the Zelle app separately, but also the payee must be a partner bank of Zelle to complete the transfer

2. If the billing address is the United States , you can activate the Zelle function, which is a small-amount real-time transfer system between American banks. If the billing address is in China, you cannot use the Zelle function. ZELLE is similar to PAYPAL, but its bottom layer is not a third-party payment platform, but a bank alliance. Zelle is An instant transfer system between banks in the United States. You can use your email and mobile phone number to register for this service. There are no handling fees for transfers between different banks, as long as the banks used by both parties are Zelle partners. When transferring money, just enter the name of the recipient, the email address or phone number used to register Zelle, and the money will arrive in real time. Currently, more and more banks are connecting to Zelle.

From now on, the most powerful and convenient inter-bank free instant transfer method in the history of the United States appears. Its name is "Zelle". Zelle is a peer-to-peer payment tool that unites more than 30 US banking institutions. Users in different banks can make real-time inter-bank transfers through Zelle, similar to Paypal and Venmo. Users only need the email address or phone number of another Zelle user, not a bank account, to transfer money. We often need to transfer money to family, friends or colleagues. The methods we use include:

Writing a check (it has a long history and is still very popular in the United States. It’s amazing!).

Transfer money between users of the same bank, such as Chase Quickpay, BOA transfer, etc.

ACH Transfer (Wire Transfer)

Third-party platforms, such as Paypal, Venmo, Google Wallet, Square Cash, etc.

The above methods have their own advantages and disadvantages, and they may not necessarily result in instant payment. However, now a "new product" - Zelle has emerged, which is likely to become a powerful force in the P2P payment market. power. It's not entirely accurate to say that Zelle is a new product, as its predecessor, ClearXchange, has been around since 2011. ClearXchange was jointly developed by three major banking giants: Bank of America, Chase, and Wells Fargo. It allowed users of the three banks to transfer funds to each other without fees. In 2016, ClearXchange was renamed Zelle, and more banks joined the transfer network. Now more than 30 banks in the United States support Zelle, and more banks will gradually participate. The biggest feature of Zelle is that inter-bank transfers arrive instantly and there are (currently) no handling fees. Currently, all major banks participating in Zelle have gradually launched in-app transfer functions, such as USbank, Chase, BOA, Capitalone, etc.

In addition, the Zelle page itself does not mention the transfer amount limit. Chase and BOA seem to have the same transfer amount limit as their own. Whether Zelle will have its own separate requirements needs to be verified.

From ClearXchange developed by BOA, Chase, and Wells Fargo, Zelle can be said to have a prominent family with three good fathers. There is no doubt that this background has helped Zelle quickly gather many people in a short period of time. With the support of large and small banks, the giants behind Zelle make it easier for banks to support Zelle payments without too many worries. At the same time, it can also be convenient for their own users. Participating in the Zelle network is obviously an easy decision. It is foreseeable that more and more banks will participate in supporting Zelle payments, which will definitely be a very strong competitor for similar service providers such as Venmo.