Move over Venmo, there's a new digital wallet in town

Venmo has removed the headache from splitting a food bill, or any other bill for that matter, but the PayPal-owned company will soon have competition. Nineteen banks, including Bank of America and Citigroup, are teaming up to start Zelle, a web site and app that will let users send and request money much like Venmo does. Zelle is just getting off the ground though, with Bank of America the first to fully incorporate all of Zelle's capabilities. Venmo, which started in 2009, processed $17.6 billion in transactions last year, a 135 percent increase from the previous year. The one thing that Zelle has working for it is its connection to big banks, which allows for a quicker transfer of money from the app to your bank account than one would see using Venmo.