EXCLUSIVE— Since opening its service to banks, launching its standalone app, and expanding its partnerships in the financial services ecosystem, P2P service Zelle has shown impressive growth.

In 2017, Zelle customers moved $75 billion through its platform — including both banking apps and the standalone app made public last September— all as the service, powered by Early Warning, continued to expand its network of banks and financial institutions.

The bank now has over 60 banks, credit unions, and other financial service companies included in its network, and these partners are a clear differentiating factor in the P2P service’s growth, Lou Anne Alexander, group president of payments for Early Warning told Bank Innovation.

Alexander said in an emailed statement:

Research found that the majority of person-to-person (P2P) users across all demographics prefer to use a service that is delivered and backed by their bank or credit union because of the security and protection they provide.

As well as its expanding transaction volume, the service now has about 95 million customers (again, including those who use the service through bank-branded mobile apps), Zelle stated.

Zelle’s growth figures also come as many consumers are abandoning ancient methods of payments like checks or physical cash, the company notes, turning instead to P2P apps like Zelle or Venmo, which fill gaps that these traditional methods—as well as older methods like ACH or card acceptance—don’t address.

Alexander said via email:

Although the most recent Federal Reserve study showed P2P check declines were slowing, we do see that more online and mobile users are willing to abandon their checkbooks.  About 64% of voters in our recent Twitter poll received zero to five checks in 2017.

Fewer consumers are using cash as well.  About six months ago, U.S. Bank issued a press release announcing results of a consumer survey on Cash Behavior. The results found that 47% of consumers surveyed said they prefer the use of digital apps to make payments versus cash (45%). A 2016 Gallup Poll data found that 24% of Americans report making all/most of their purchases with cash, compared to 36% five years ago.

As dependence on cash declines, it will remain important for Zelle to partner with banks and others in financial services, Alexander said, noting:

To help modernize the U.S. payment system, it’s critical we continue to work together with banks, credit unions, card networks, and other payments providers of all size.

We collaborate with our FI partners to design an experience that would be identifiable and easy to use. This includes some common features, such as send, receive and split. This common design across banks makes it easier for consumers to describe to friends and family how to use Zelle.

To learn more about the latest developments in mobile payments and P2P, join us on March 5-6, 2018 at the Parc 55 in San Francisco for Bank Innovation 2018. Click here to request an invitation.