Early Warning Services, the network operator behind Zelle, announced today that users have sent $133 billion on 519 million transactions  through the peer-to-peer payments network in just the first half of 2020. Zelle processed $187 billion on 743 million transactions during all of 2019.

“Zelle has become an everyday essential for consumers who need to send and receive money fast,” said Lou Anne Alexander, chief product officer at Early Warning. “Consumers across all generations have embraced Zelle during these challenging times as a contact-free way to safely exchange funds.”

According to Early Warning, consumers have flocked to Zelle during the coronavirus pandemic as social distancing measures have made many in-person transactions impossible.

Early Warning is owned by some of the biggest banks in the U.S., including Bank of America, JPMorgan Chase, Wells Fargo and PNC. According to the company, enrollment in Zelle grew 17% year over year , while the number of consumers who have used the service in the past 90 days increased 43%. The average number of transactions sent per user, meanwhile, increased 10%. The company noted that 924 financial institutions are now contracted on the Zelle network.

See also: Bank of America’s Zelle numbers hit $32B in Q2

Zelle is also beginning to gain traction in the small business space. Bank of America, Chase, Citibank, Frost Bank, FirstBank, Morgan Stanley and U.S. Bank have all started offering Zelle to small business clients as a means to accept payments. 

Michelle Ziolkowski, head of global payables in treasury management at Wells Fargo, recently told Bank Innovation the challenge as Zelle moves into the small business space will be informing consumers the network isn’t just peer-to-peer. She noted, however, there is promise for small businesses using Zelle to accept payments. “Not only we, at Wells Fargo, but Early Warning and its network banks have seen a significant increase in businesses using disbursements with Zelle,” she said.

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