Zelle Struggles to Prove It’s Not Just Another Payments App

Zelle, the money-transfer service owned by the largest U.S. banks, says it “changes the way money moves.” But it has struggled to distinguish itself from competitors it’s trying to fend off.

Since Zelle’s launch in June 2017, bank executives have touted the speed, security, convenience and breadth of its network, part of their campaign to deflect popular rivals like PayPal Holdings Inc.’s Venmo and Square Inc.’s Cash App. With Zelle, users can send and receive funds in minutes from their bank’s smartphone app without handing…

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