If their bank is part of Zelle’s network, recipients can immediately sweep the cash into their own checking account. A stand-alone Zelle app will be released this year. Until then, those outside the network can collect payments through Zelle by manually filling in their banking information and linking their accounts. Mr. Moeser, the analyst at Javelin, thinks the mobile payments market has plenty of room for both Venmo and Zelle to thrive. “There’s a huge population of consumers, particularly those over 45, who haven’t used mobile payments yet.

Source: New York Times June 12, 2017 12:00 UTC