Look out Venmo! Big banks are coming for you with mobile payment service Zelle

Zelle, the big banks' answer to Venmo, to start rolling out in the U.S.

zelle big banks venmo
Update: Zelle is finally here. The Venmo competitor will start rolling out to customers in the U.S. over the course of June. 

Well, it certainly took them long enough, but it looks like the largest financial institutions of the United States are finally up to the challenge of challenging Venmo, PayPal, and the other mobile payment services that have long made direct deposits or check writing between friends a thing of the past.

In October, a number of leading banks, regional lenders, and credit unions, including behemoths like JPMorgan Chase, Bank of America, and Wells Fargo, joined forces and unveiled Zelle, a money-transferring app of their own. And now, Zelle will be rolling out to customers in the U.S. over the course of the next month.

Zelle hopes that it will be able to outpace other payment platforms with its speed. While most transfers made on Venmo or Square Cash take hours or even days to complete (at least, to move money to your actual bank account), Zelle promises to be able to move funds in just minutes.

The app is built on a bank-owned payments network that includes five of the biggest banks in the U.S. (and other financial institutions as well). Using Zelle, customers should be able to send and receive payments to chosen recipients instantaneously … which, of course, sounds very familiar at this point.

The cachet of being associated with nearly 20 of the largest banks in the U.S. may be reason enough for some users to switch. Many of these institutions are now featuring the Zelle name on both their mobile apps and websites.

Big banks already have a built-in user base, one they hope Zelle will further connect. Of course, some banks were a bit further ahead of the game, and had previously established their own digital payment services. Chase, for example, has JPMorgan’s Quick Pay, but as Fortune reports, the plan is to “use the Zelle name prominently alongside their established names as Zelle catches on.”

“Fragmentation has been frustrating for consumers. Inconsistent experiences, have made it difficult to send and receive money between banks,” said Paul Finch, CEO, Early Warning Services, in a statement about Zelle’s launch. “Zelle unites the financial community behind a single, real-time P2P payments experience for millions of consumers. Together, we are removing friction from finance, allowing money to move seamlessly between accounts in minutes. This revolution in money movement will create for consumers a viable alternative to checks and cash.”

You can check out a full list of Zelle’s partner institutions here.

Social Media

Twitter boss hints that an edit button for tweets may finally be on its way

Twitter has been talking for years about launching an edit button for tweets, but it still hasn't landed. This week, company boss Jack Dorsey addressed the matter again, describing a quick-edit button as "achievable."
Mobile

The 100 best Android apps turn your phone into a jack-of-all-trades

Choosing which apps to download is tricky, especially given how enormous and cluttered the Google Play Store has become. We rounded up 100 of the best Android apps and divided them neatly, with each suited for a different occasion.
Mobile

These 100 best iPhone apps will turn your phone into a jack-of-all-trades

The iPhone is the most popular smartphone in the world, and we want to bring out the best in yours. Behold our comprehensive list of the best iPhone apps, from time-saving productivity tools to fun apps you won’t be able to put down.
Movies & TV

The best shows on Netflix, from 'The Haunting of Hill House’ to ‘The Good Place’

Looking for a new show to binge? Lucky for you, we've curated a list of the best shows on Netflix, whether you're a fan of outlandish anime, dramatic period pieces, or shows that leave you questioning what lies beyond.
Home Theater

The best movies on Netflix in November, from 'The Witch’ to ‘Dracula’

Save yourself from hours wasted scrolling through Netflix's massive library by checking out our picks for the streamer's best movies available right now, whether you're into explosive action, witty humor, or anything else.
Computing

Our favorite Windows apps will help you get the most out of your new PC

Not sure what apps you should be downloading for your newfangled Windows device? Here are the best Windows apps, whether you need something to speed up your machine or access your Netflix queue. Check out our categories and favorite picks.
Photography

Get up close and personal with this telephoto lens for your phone

Moment is replacing its aging 60mm telephoto lens with a new 58mm tele lens, redesigned from the ground up for the latest iPhone, Pixel, and Galaxy phones. Mount it onto the phone via a case and get closer with 2x optical zoom.
Mobile

Lyft’s new rewards program promises ride discounts and comfier cars

If you're always hopping in and out of a Lyft car, then you'll be pleased to hear that the ridesharing service is about to launch a rewards program. Perks include discounts on future trips and upgrades to comfier cars.
Mobile

The world’s first smartglasses showrooms open in Brooklyn and Toronto

Canadian startup North is hoping smartglasses will be the next big wearable. After announcing its new Focals smartglasses in October, the company opened product showrooms in Brooklyn and Toronto.
Deals

Here are the best Apple Watch and Fitbit Versa deals for Black Friday

Apple products are the most sought-after products for Black Friday, the leaked preview ads show what discounts retailers will have for the Apple Watch Series 3 and other smartwatches, such as the Fitbit Versa, this holiday season.
Deals

Black Friday 2018: The best deals so far

Black Friday is the biggest shopping holiday of the year, and it will be here before you know it. If you can't wait until November 23 to start formulating a shopping plan, we've got you covered.
Mobile

Master your new Nokia 7.1 with our favorite tips and tricks

At $350, the Nokia 7.1 is a nearly perfect budget phone. It has a gorgeous body, good hardware, and a capable camera. Recently purchased the Nokia 7.1? Here are a few of our favorite tips and tricks to get you started with your new phone.
Mobile

Samsung Galaxy S10 could nix the notch in favor of a "punch hole" cutout

While we still may be months away from an announcement, there's no doubt about it: Samsung is working hard on its successor to the Galaxy S9. Here's everything we know about the upcoming Samsung Galaxy S10.
Wearables

Check out 25 of the best Wear OS apps for your smartwatch

Looking for some ways to spruce up that new Android smartwatch of yours? Here are the best Wear OS apps to download and use with any Android smartwatch, including a few specially enhanced for Wear OS 2.0.