Zelle is shutting down its standalone app after realizing that only about 2% of transactions took place via this app. Most of its over 150 million U.S. customers use Zelle through their banks, which allows for efficient person-to-person transfers, especially for larger payments. This move is seen as economically sensible, as maintaining a standalone app incurs unnecessary costs given its limited use. Zelle continues to break payment records, handling $1 trillion in transactions in 2024, contrasting with Venmo's more social payment model.
Zelle is discontinuing its standalone app, reflecting that only 2% of transactions occurred via the app, with most users accessing Zelle through their banks.
Zelle's decision makes sense economically, as maintaining an app is costly, particularly given the small percentage of users that relied solely on it.
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