By Staff Reports
(Victor Valley)– Bank of America today announced record-breaking person-to-person (P2P) payments use, as the company’s active Zelle®users have already completed more transactions this year than in all of 2018. In less than nine months, Bank of America clients sent and received a total of 163 million transactions, compared to 157 million transactions throughout 2018.
As people increasingly turn to cashless solutions to move and manage their money, Bank of America now has nearly 8.4 million clients actively using Zelle1.
“Our 37 million digital banking clients are driving the person-to-person growth trend,” said David Tyrie, head of advanced solutions and digital banking at Bank of America. “Cashless payment solutions are helping them safely and quickly send and receive money with family, friends and small businesses. Thousands of Bank of America clients are adopting Zelleeach week, and we are on track to surpass 9 million active users by the end of the year.”
In the second quarter of 2019, Bank of America clients sent and received 69 million Zelletransactions – totaling $18 billion in money moved – almost doubling the number of transactions from the same quarter in 2018.
Additional highlights among Bank of America clients using Zelleinclude:
- Adoption of Zelleis increasing across all generations of Bank of America clients, including 68 percent of millennials and Gen Z, 20 percent of Gen X, and 12 percent of baby boomers and seniors.
- Bank of America clients are using Zellemost often for paying rent, splitting utilities, family care and gifting.
- Since offering Zelleto eligible Bank of America small business clients in June 2019, 180,000 small business owners have used their small business accounts to send money using Zelle.
Bank of America’s digital offerings, including Zelle, are a driving force behind its high-tech, high-touch approach to serving clients. The company provides clients a seamless experience across all channels to help them with their financial needs throughout their lifetimes. Bank of America’s full suite of banking, lending, saving, and investing solutions are enhanced by Preferred Rewards, a first-of-its kind loyalty program that recognizes the value of a client’s entire relationship with the bank.
1Zelleusers represent 90-day active users