Will Zelle live up to its billing?

Technology grows and evolves at a faster rate that dogs do. In some markets like the field of digital cameras it is lightening fast with new models debuting every 7-8 months it seems.The common goal of evolving is one thing, speed. Being able to perform a function faster than before sometimes utilizing less energy to do it. Peer to peer payments are not common for most but they are on the verge of an explosion that could change all of that if the right tool emerges. Will Zelle be that product?

It was recently announced that Zelle will be backed by approximately 30 U.S. banks when it is released later this month. In years past the side with the most money in business usually came out on top but technology as more than enabled creativity and ingenuity to take on boat loads of cash. Microsoft, Sony, Nokia, Motorola were all caught sleeping behind the Apple curve and this was before Apple became the monster that it is today. The current top peer to peer money transfer application is Venmo. Venmo is owned by PayPal and apparently the choice of most who use peer to peer payments. But Venmo takes at a day or so to complete the money transfer where Zelle promises that the transfer will be immediate. Something like this can generate a movement if it is done well. Word of mouth will soon tell if Zelle can operate with the speed and efficiency to disrupt a medium that has been around since the beginning of man, cash.