Bank of America’s P2P payments skyrocket through the Zelle app

By incorporating the Zelle banking app, Bank of America has already seen 163 million peer-to-peer (P2) client transactions in 2019. In 2018, 157 transactions were registered.  

Of those, 69 million Zelle transactions were made in the second quarter, with $18bn being moved in those transactions.

Zelle is developed by Early Warning Services, an innovator in payment and risk management solutions. Now, Bank of America has nearly 8.4 million clients actively using Zelle.

“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 Zelle each week, and we are on track to surpass nine million active users by the end of the year.”

Bank of America attributed the growth to its expanding range of digital offerings, including Zelle.

Copyright © 2019 FinTech Global

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