Zelle moved an average of $3.4bn a day in 2025, while PayPal and Block are selling debit cards, credit and checkout to Venmo and Cash App users.
Americans sent more than $9bn over Zelle on a single day in August 2025, according to the network’s operator, Early Warning Services. That makes Zelle the largest P2P network in the US by value. Venmo, owned by PayPal, is second.
Block does not publish a P2P volume figure for Cash App. The three services are built differently, make money differently and have each faced scrutiny over fraud.
Zelle
Zelle moved more than $1.2tn in 2025, up 20% on 2024, on 4.2 billion transactions. December was its busiest month, when 100 million bank and credit union accounts sent money through the service.
Early Warning Services is jointly owned by JPMorgan Chase, Bank of America, Wells Fargo, Truist, PNC, US Bank and Capital One. Zelle runs inside the apps of more than 2,300 financial institutions and moves money directly between bank and credit union accounts.
Users send larger sums over Zelle for routine costs, with rent, utilities and childcare were the most common transaction types in the first half of 2025, when the average rent payment rose 5% to $958. Small businesses accounted for nearly 30% of dollar volume in 2025, with 7.7 million enrolled.
New York Attorney General Letitia James is suing Early Warning Services, who alleges Zelle launched without basic anti-fraud safeguards and saying users lost more than $1bn to scams. Her complaint challenges marketing which promised “peace of mind” and security “backed by the banks.”
The Consumer Financial Protection Bureau (CFPB) dropped its own case against Early Warning Services and three of its bank owners in March 2025.
Justice Phaedra Perry-Bond of a Manhattan state court ruled on 20 July 2026 that James’ case can proceed. The judge noted that Zelle collected fees on transactions later flagged as fraudulent, which Zelle has acknowledged. Zelle said it will appeal.
“The attorney general is targeting our company for political gain by recycling claims that courts across the country have rejected as meritless,” a Zelle spokesperson said. Zelle said 0.02% of its transactions result in a fraud or scam report.
Venmo
Venmo processed $93.81bn in the second quarter of 2026, up 14%, accounting for 19% of PayPal’s (Venmo’s parent comnpany) total payment volume. PayPal said Venmo revenue grew about 20% to $1.7bn in 2025.
PayPal is using Venmo’s user base to sell checkout and card products, which achieved double-digit TPV growth for an eighth consecutive quarter in the third quarter of 2026. Pay with Venmo, its checkout product, grew 43% in the quarter. The Venmo debit card reached 6.7 million monthly active accounts, up more than 55%.
PayPal also relaunched the Venmo credit card with rewards for customers who split purchases with friends. In March 2026, Venmo opened P2P transfers to PayPal users in 90 markets.
“This quarter, we are beginning to see our strategy translate into financial results,” said Enrique Lores, PayPal’s president and CEO.
Cash App
Cash App generated $1.97bn in gross profit in the second quarter of 2026, up 31%. Its user base grew 3% to about 59 million monthly transacting actives. Jack Dorsey, Block’s chairman and cofounder, said consumer lending origination volume grew 59% in the quarter.
Block expects low single-digit growth in Cash App users in 2026. That leaves profit growth dependent on existing customers using Cash App Borrow, buy now, pay later and Cash App Card.
The CFPB ordered Block in January 2025 to pay up to $120m in redress to Cash App users and a $55m penalty. The CFPB found that a telephone number printed on the back of the Cash Card did not connect to customer support. It also found that users searching online for help were targeted by fraudsters posing as Cash App staff.
Block later agreed to pay $45m to settle a separate case led by James and backed by 45 other states. The settlement requires Block to introduce 24-hour customer support and reimburse victims of unauthorised transactions.
