new York
Cnn
–
Zelle, the popular money transfer service from person to person, closed its autonomous application on Tuesday – but the service itself does not disappear.
Zelle had warned of the closure last year, explaining in an advertisement that only 2% of transactions occur on its application. A “vast majority” of the 151 million Zelle users now access the service via the website or the application of their own bank, and this process will not be affected.
The affected users who used the Zelle application “should have received messages on this change by various emails and integrated notifications”, before the closure of this week, said Zelle in her ad. These users must re -register via their bank or participating credit application to continue using Zelle’s services.
Zelle was launched in 2017 and was created by around 30 banks to compete with existing popular payment applications such as Venmo, Cash App and Apple Pay.
At that time, Zelle created its own application to give access to people whose banks have not yet participated. But the adoption has skyrocketed over the past eight years, with more than 2,200 credit and credit cooperative banks using Zelle.
Zelle users sent more than $ 1 Billion in 2024, making it the “more money never sent by a person’s payment service in one year,” Zelle said in a press release.
Zelle’s growth since 2017 has been a “testimony to the precious role that the service and national consumer demand played for a means of sending and receiving funds from people they know and trusting their insured and regulated bank accounts directly,” said the company.
But the application was continued by the Consumer Protection Office of Consumers of former President Joe Biden last year against three of the country’s largest banks and the operator of Zelle “to allow fraud to be transmitted” on the service.
The CFPB allegedly alleged that, hundreds of thousands of JPMorgan Chase, Bank of America and Wells Fargo customers have lost more than $ 870 million since Zelle’s launch seven years ago. (Zelle said the complaint was “without merit”.)
The trial was abandoned in March in the midst of wider changes to the CFPB ordered by President Donald Trump.
