As I said above, a 1099-K does not go on your tax return. It's purpose to to report to the IRS that such payments took place. The taxpayer must enter the payment, whether or not a 1099-K was received. a 1099-K can report income for many different types of income and that income must be reported in the proper place for that type of income.
Whether Zelle must issue a 1099-K depends if the IRS considers them to be a PSE.
Per the IRS instructions for a 1099-K:
Specific Instructions
A payment settlement entity (PSE) must file Form 1099-K,
Payment Card and Third Party Network Transactions, for
payments made in settlement of reportable payment
transactions for each calendar year. A PSE makes a
payment in settlement of a reportable payment
transaction, that is, any payment card or third party
network transaction, if the PSE submits the instruction to
transfer funds to the account of the participating payee to
Who Must File
Every PSE or other party which submits instructions to transfer funds to the account of a participating payee, in settlement of reportable payment transactions, must file an information return (Form 1099-K) with respect to each participating payee for that calendar year.
settle the reportable payment transaction.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
