Popular payments platform Zelle has announced that it will be making major changes to the mobile apps.
Platform says that it is preparing to end all transactions for consumers and businesses on its standalone mobile application, ending officially all services by March 31st.
App that processed $20 billion worth of transactions by 2024 will be still available to download. However, it will offer only educational information about frauds and scams, and a list with more than 2,200 credit unions and banks who use Zelle.
The app will remove all transaction data from customers.
Customers of financial institutions like Fidelity who do not have cash management accounts can be affected by the change.
Zelle says that it is making this change because of the popularity and use of Zelle among US financial institutions.
When Zelle launched for the first time, we created an app with a Zelle brand that was available to consumers who had banks or credit unions which were not part of the network. We now only see 2% transactions using the standalone app, due to the rapid adoption of the network by credit unions and banks.
Due to our rapid growth and the fact that most users are using Zelle on their bank’s website or mobile app, we have decided to make a few changes in the Zelle app.
Early Warning Services, which is owned and operated by seven US major banks, including JPMorgan Chase Bank of America, Wells Fargo and Bank of America, has said it will reach out to the users of its standalone app “directly” and “repeatedly” in order to ensure they are informed of any upcoming changes.
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The post Zelle prepares to terminate transactions on mobile app, pushing popular service exclusively to major US banks and financial institutions may be updated as new information becomes available.
