US mobile banking service Zelle takes on cash

THE days of cash as king may be a step closer to ending. After six years of laying a foundation, major banks are ready to introduce Zelle, a digital payments network that will allow people to send money instantly through participating banks' mobile apps.

But it faces competition. Since the banks began experimenting with peer-to-peer mobile payments, several upstarts such as Venmo have entered the field, building a loyal following.

What makes Zelle (pronounced "zell" as in "gazelle", the nimble creature that inspired the service's name) stand out from rivals - most prominently, Venmo, the currency of choice for many millennials - is that the big banks backing it. More than 30 of them - including Bank of America, Citibank, JPMorgan Chase and Wells Fargo - have teamed up to create the new…