<span class="HighlightShare-hidden"></span><div id="RegularArticle-RelatedQuotes"><div><div><p>In this article</p></div><ul><li>WFC<span class="AddToWatchlistButton-watchlistContainer" id="RegularArticle-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"></span></span></li><li>COF<span class="AddToWatchlistButton-watchlistContainer" id="RegularArticle-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"></span></span></li><li>TFC<span class="AddToWatchlistButton-watchlistContainer" id="RegularArticle-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"></span></span></li><li>USB<span class="AddToWatchlistButton-watchlistContainer" id="RegularArticle-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"></span></span></li><li>PNC<span class="AddToWatchlistButton-watchlistContainer" id="RegularArticle-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"></span></span></li><li>JPM<span class="AddToWatchlistButton-watchlistContainer" id="RegularArticle-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"></span></span></li><li>BAC<span class="AddToWatchlistButton-watchlistContainer" id="RegularArticle-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"></span></span></li></ul></div><div><span class="CreateFreeAccountButton-buttonText"><span>Follow your favorite stocks</span><span class="CreateFreeAccountButton-buttonTextBold">CREATE FREE ACCOUNT</span></span></div></div><div><p>More than half of smartphone users in the U.S. are sending money via some sort of peer-to-peer payment service to send money to friends, family and businesses.</p><p>Stocks of payment services like PayPal, which owns Venmo, and Block, which owns Cash App, boomed in 2020 as more people began sending money digitally.</p><div></div><div><span class="ExclusiveContentBucket-smallSpan"></span><span class="ExclusiveContentBucket-border"></span><h2>related investing news</h2><div><div id="Regular Article-ExclusiveContentBucket-1-0"><div><img src="https://imageproxy.pbkrs.com/https://image.cnbcfm.com/api/v1/image/106949509-1632929092275-gettyimages-1343846697-dscf6103_20210929104235283.jpeg/query-dj0xNjc1NDQ0OTA5?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="New structured credit ETFs are hitting the market just as investors hunt for income" original-src="https://imageproxy.pbkrs.com/https://image.cnbcfm.com/api/v1/image/106949509-1632929092275-gettyimages-1343846697-dscf6103_20210929104235283.jpeg/query-dj0xNjc1NDQ0OTA5"/><div></div><div></div></div><div><div>New structured credit ETFs are hitting the market just as investors hunt for income</div><div><div><div>Jesse Pound</div></div><div>20 hours ago</div></div></div></div></div></div><p>Zelle, which launched in 2017, stands out from the pack in a few ways. It's owned and operated by Early Warning Services, LLC, which is co-owned by seven of the big banks and it's not publicly traded. The platform serves the banks beyond generating an independent revenue stream.</p><p>&#34;Zelle is not really a revenue-generating enterprise on a stand-alone basis,&#34; said Mike Cashman, a partner at Bain &amp; Co. &#34;You should think of this really as a little bit of an accommodation, but also as an engagement tool versus a revenue-generating machine.&#34;</p><p>&#34;If you're already transacting with your bank and you trust your bank, then the fact that your bank offers Zelle as a means of payment is attractive to you,&#34; said Terri Bradford, a payment specialist at the Federal Reserve Bank of Kansas City.</p><p>One limitation of PayPal, Venmo and Cash App is that users must all be using the same service. Zelle, on the other hand, appeals to users because anyone with a bank account at one of the seven participating firms can make payments.</p><p>&#34;For banks, it's a no-brainer to try to compete in that space,&#34; said Jaime Toplin, senior analyst at Insider Intelligence. &#34;Customers use their mobile-banking apps all the time, and no one wants to cede the opportunity from a space that people are already really active in to third-party competitors.&#34;</p><p><strong>Watch the </strong>video<strong> above to learn more about why the banks created Zelle and where the service may be headed.</strong></p></div><div id="ArticleBody-MobileAdhesion"></div>

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<p>In this articleWFCCOFTFCUSBPNCJPMBACFollow your favorite stocksCREATE FREE ACCOUNTMore than half of smartphone users in the U.S.are sending money via some sort of peer-to-peer payment service to send money to friends, family and businesses.</p>

How Zelle is different from Venmo, PayPal and CashApp