Launched in 2017, The Zelle Network is a latecomer to the world of peer-to-peer payments compared with competitors like PayPal’s Venmo or Block’s Cash App.
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One key differentiator between Zelle and Venmo is the sociability of the platform. In Venmo, users see all of their friends' public transactions on a live payments feed which includes like and comment features. Zelle transactions are private between the two parties. Venmo and Cash App allow users to hold funds in their platforms, while Zelle moves money between existing bank accounts.
Chuck’s aim is to connect these networks to offer customers the option to choose which they prefer. Unlike the existing peer-to-peer services, Chuck is an open payments network; individuals send money from their bank app and recipients can choose to accept the funds into their bank account, into Venmo or through an instant transfer via debit card. The platform is designed so that other peer-to-peer services, like Cash App, can be added later if there is demand.
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