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4/6, 3:42 PM (Source: TeleTrader)
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Zelle's owners weigh wider use of payment network - report

JPMorgan Chase & Co., Bank of America Corp., and Wells Fargo & Co., which are among the owners of Zelle payment system, are contemplating whether wider use of the network is in their best interest, The Wall Street Journal reported on Wednesday, citing sources familiar with the matter.

"At the center of the debate is whether it is in the banks’ best interest to promote a payment option that competes with card networks Visa Inc. and Mastercard Inc.," the report read.

Zelle was founded in 2017, and become more widely used during the COVID-19 pandemic.

Baha Breaking News (BBN) / BU