October 28, 2016
Venmo, like Google, has become a verb in the lexicon of many millennials. If you’re looking to easily transfer money between friends on mobile, it becomes a statement of “I’ll just Venmo you.” But, now, big banks are jumping in on the game to gain market share of this convenient service.
Financial risk management company, Early Warning, announced its Venmo competitor called Zelle, named after the “speed and agility” of a gazelle. So far, 19 U.S. banks are a part of its roster, including Bank of America, Wells Fargo, JPMorgan, Citi, Capital One, to name a few.
Competing with Venmo, PayPal, and Square Cash, one advantage of Zelle is that its funds transfer immediately. 76 million people will be able to access the service once it goes live.
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