Early Warning Services, LLC, the network operator behind Zelle, announced how consumers are best leveraging Zelle as they continue to practice social distancing and limit the use of cash.
The Importance of Digital Banking in the Movement of Money
Due to recent economic and societal changes, there has been an increase in consumers leveraging Zelle for everyday essentials such as paying back neighbors for groceries, reimbursing friends and family for canceled events, and sending money to loved ones in need.
Since the beginning of March 2020, enrollments increased, running more than double-digit rates above average. More than half of consumers sending money with Zelle are ages 25-54, part of both the Millennial and Generation X demographics, while boomers, ages 55- 72, have recently increased their overall use of Zelle. These generations across the U.S. are enjoying the convenience of Zelle within their banking app, with funds typically available within minutes when both parties are already enrolled.
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“As events have unfolded and lives changed, consumers are using Zelle to help those in need, and as a result, these heart-warming stories are strengthening connections with family, friends, and communities,” said Lou Anne Alexander, Chief Product Officer at Early Warning. “To help foster these bonds, together with our financial institution partners, we are helping bring people closer by enabling them to send and receive money for help with rent, emergencies, shared groceries and gifts for celebratory events.”
