Zelle handled more than $1 trillion in payment volumes in 2024, the largest ever for a peer-to-peer payment network. The service, backed by the seven largest US banks, saw its user base grow 12% to 151 million accounts. Meanwhile, total dollars sent through Zelle jumped 27% year over year.

Zelle’s transaction volume was more than double that of rival PayPal, which processed over $400 billion in peer-to-peer transactions last year. The platform has gained popularity as consumers increasingly use it for larger recurring payments, like rent.