Peer-to-peer payments provider Zelle announced it facilitated more than $1 trillion in payments in 2024, marking the highest annual volume recorded by a P2P payments service.

This represents a 27% increase from 2023, with transaction volume reaching 3.6 billion, a 25% rise year over year, according to Zelle’s parent company Early Warning Services’ release today.

The surge in usage is attributed to its growing user base, which expanded to 151 million enrolled consumer and small business accounts, up from 135 million in 2023.

“Zelle is not just a popular way to send money; it’s a vital tool that’s transforming how money moves across America,” Denise Leonhard, Zelle’s general manager said in the release.

Bank of America, Citi, JPMorgan and Wells Fargo are founders of the payment consortium, according to the company.

Small businesses significantly contributed to this growth. In 2024, they conducted more than 500 million transactions totaling $283 billion, a 32% increase from the previous year, the release stated. Nearly one in four Zelle users sent payments to small businesses in the fourth quarter.

Zelle’s widespread adoption is further evidenced by its integration with more than 2,200 financial institutions, 95% of which are community banks and credit unions, the release stated. This extensive network ensures that a broad spectrum of users, including those in rural and underserved areas, have access to Zelle’s services.

As the platform continues to expand, it remains focused on user education to prevent fraud and scams. In 2024, Zelle provided information to more than 73 million consumers about potential risks, the release stated.

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