But despite counting 60 banking partners, Chase’s announcement makes it clear that Zelle is being largely supported by two banks: Chase, and Bank of America, which processed 14.5% of Zelle’s annual volume in the second half of 2017 alone. This has implications that Zelle’s partner banks needs to tackle. Zelle recently announced that it hit $75 billion in volume in 2017. But Venmo has been growing fast enough to close that gap - last year, the service’s $35 billion total came close to matching QuickPay’s, and it’s growing fast enough that it could beat QuickPay in 2018. In 2015, Chase QuickPay’s $21 billion dwarfed PayPal-owned Venmo’s $7.5 billion. In a vacuum, QuickPay is performing well, but its lead is diminishing. Relative to third-party upstarts, Chase is losing out. And the firm’s average three transactions per customer per month underscores that. That indicates that the service is growing because customers are spending more money, and doing so more regularly, rather than just through the addition of new users. That’s slower than the growth in both volume and transactions, which increased 49% from 96 million to 143 million in the year. The service’s user base grew by about a quarter, from 3.5 million to 4.4 million in 2017. And engagement is strengthening as the service grows.Chase estimates that it holds about 12% of the electronic P2P payments market, including both online and mobile transactions, in the US. That’s a slight growth acceleration from the 38% gain the firm posted in 2016. QuickPay’s volume hit $41 billion in 2017, up 41% from the $29 billion it processed last year. To be the first to know, please click here.Īt its annual Investor Day, held Tuesday, JPMorgan Chase provided some valuable data on the performance of Chase QuickPay, its proprietary peer-to-peer (P2P) payments offering that’s part of the Zelle network, a bank-based P2P offering launched by Early Warning that rolled out throughout 2017. This story was delivered to BI Intelligence " Payments Briefing" subscribers hours before appearing on Business Insider. Account icon An icon in the shape of a person's head and shoulders.
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