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Zelle P2P Payment App Reaches Consumers September 12

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Sep 8, 2017, 7:23 AM   by Eric M. Zeman   @zeman_e

Zelle today said its mobile peer-to-peer payment application will reach the Google Play Store and iTunes App Store on Tuesday, September 12. The service has been in testing since June. Zelle is supported by more than 30 of the nation's largest banks for sending funds from one person to another. It competes with established P2P payment services Venmo and Square Cash. The difference is speed. These older services typically require a day or two for funds to actually transfer between accounts. Zelle claims it can move cash in mere minutes using only the recipient's email address or mobile phone number, allowing for near instant withdrawals. Zelle's service has already been added to mobile banking apps from the likes of Bank of America, Capital One, Citi, Citizens Bank, Fifth Third Bank, First National Bank, JP Morgan Chase, KeyBank, M&T, PNC Bank, TD Bank, U.S. Bank, Wells Fargo, and more than a dozen others. This means users of these banks who send cash to friends via their mobile banking app are likely already using Zelle's service, which is running in the background. What's different here is that Zelle is rolling out a separate app under its own brand to stand apart from the banks it works with. The service can be tied to bank accounts and/or debit cards, but not credit cards. It is strictly meant to send real money from one person to another. Zelle was created by early warning services.

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