Why Banks Created Zelle [Video]

Competition among peer-to-peer payment apps like Venmo, PayPal, Cash App and Zelle have been heating up in the last decade. While the initial attempts of big banks to compete in this space failed, the seven-bank platform Zelle found success. Now, a rise in reported fraud activity and allegations that banks aren’t supported fraud victims has got the attention of the United States Congress. Watch this video to learn about why banks created Zelle and whether the app can hold its own in the competitive peer-to-peer payment space.