US Banks Team Up for P2P Money Service Zelle

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JP Morgan Chase is one of the consortium of banks behind Zelle

A consortium of US banks have unveiled plans for the launch of Zelle, a person-to-person mobile payment service, in the first half of 2017.

The members of consortium, which includes Bank of America, Capital One and JP Morgan Chase, together account for the majority of US consumer accounts.

 

Zelle is a follow-up to the consortium’s existing peer-to-peer payment product ClearXchange, which can be used to send money using a phone number or email address, across banks. This new service is intended as a challenger to payments apps like PayPal’s Venmo, which has gained popularity by allowing users to send money to friends on social media.