163 Million P2P Client Transactions Already This Year, Surpasses All of 2018
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 Zelle each 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 Zelle transactions – 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 Zelle include:
Adoption of Zelle is 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 Zelle most often for paying rent, splitting utilities, family care and gifting.
Since offering Zelle to 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.
1 Zelle users represent 90-day active users
Bank of America’s digital banking platform is an evolving source of increased client engagement and satisfaction serving more than 37 million digital clients, including approximately 28 million active mobile users. Its award-winning mobile app and online banking were the first to receive J.D. Power’s certification for “An Outstanding Customer Experience.” During the second quarter of 2019, digital clients logged into their accounts 2 billion times and used digital to make 137 million bill payments and book 583,000 appointments.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,200 lending centers, 2,400 financial centers with a Consumer Investment Financial Solutions Advisor and 1,700 business centers; approximately 16,600 ATMs; and award-winning digital banking with more than 37 million active users, including approximately 28 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
© 2019 Bank of America Corporation. All rights reserved.
Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Reporters May Contact:
Betty Riess, Bank of America