Today in Data: Zelle Revs Up Venmo Competition

For the last few years, the U.S. banking system has faced competition from the likes of Venmo and PayPal when it comes to money transfers.

With technology making it easier to bypass traditional avenues like banks, there  needed to be an alternative for banks.

Banks around the country now have an electronic money transfer equivalent to help compete with other systems. Zelle, a person-to-person payments network, has just rolled out its services.

Here are the numbers:

86 million | Mobile banking customers using Zelle

30 | Financial institutions enrolled in Zelle’s person-to-person payment network

$17.6 billion | Payments processed by Venmo in 2016

$55 billion | Payments processed in Zelle’s bank network in 2016

51 million | Number of Q1 2017 transactions for Zelle