Bank of America announces “record-breaking” P2P app payments
Bank of America announced its “record-breaking” person-to-person (P2P) payments use, revealing users of its online banking app, Zelle, have already completed more transactions this year compared to the entirety of 2018.
Receiving a total of 163 million transactions in less than nine months, Bank of America have trumped last year’s total of 157 million transactions.
Nearly 8.4 million of the bank’s customers use Zelle, and the second quarter of 2019 saw a total of $18 billion sent and received through the online platform.
“Cashless payment solutions are helping our clients safely and quickly send and receive money with family, friends and small businesses,” says the bank’s head of advanced solutions and digital banking, David Tyrie. “Thousands of Bank of America clients are adopting Zelle each week and we are on track to surpass 9 million active users by the end of the year.”
Since offering Zelle to eligible small business clients in June, 180,000 small business owners have used their small business accounts to send money using Zelle.