Zelle is shutting down its app, but you probably don’t need to worry

Zelle is shutting down its stand-alone app on Tuesday, according to a company blog post. This news might be alarming if you’re one of the over 150 million customers in the U.S. who use Zelle for person-to-person payments. But only about 2% of transactions take place via Zelle’s app, which is why the company is discontinuing its stand-alone app. Most consumers access Zelle via their bank, which then allows them to send money to their phone contacts. Zelle users who relied on the stand-alone app will have to re-enroll in the service through another financial institution. Given the small user base of the Zelle app, it makes sense why the company would decide to get rid of it — maintaining an app takes time and money, especially one where people’s financial information is involved. Zelle launched in 2017 with backing from 30 banks to be a more efficient alternative to Venmo. On Venmo, users can receive payments into their own Venmo wallet, which they can then deposit into their actual ... Read full article.