NEW YORK (AP) — Peer-to-peer payment service Zelle will expand to India later this year, the payment service's first international market since the payment service launched nearly a decade ago.
Early Warning Services, the operator of the Zelle network, said it was choosing India as a "natural starting point" for its international expansion. Roughly a third of all remittances that are sent to India each year come from the United States, according to India's central bank.
Early Warning Services expects to expand to other international markets. Along with the India announcement, the company said it will be creating its own U.S. dollar-backed stable coin known as ZelleUSD that will service a backbone for other international markets.
