Bank of America today announced that person-to-person (P2P) payments are experiencing record-breaking growth, as clients sent and received $4.3 billion with Zelle in October 2018. This represents the highest monthly volume to date and is an increase of more than 100 percent year over year, continuing the upward P2P growth trend.
“Our clients are increasingly turning to cashless solutions, and Zelle’s strong growth is evidence of a continued evolution in payments,” said David Tyrie, head of advanced solutions and digital banking at Bank of America. “As we head into the busy holiday season, Zelle can help eliminate stress by providing a fast, safe and convenient way to send money in minutes, with no fees to our clients.”
Bank of America now has 4.5 million monthly Zelle P2P users, up 76 percent year over year. In October alone, these users completed more than 16 million transactions, a 131 percent increase from the previous year. Additionally, an all-time high of $320 million was sent and received by clients on the last day of the month.
This announcement follows the release of the Bank of America Trends in Consumer Mobility Report, which further spotlights the growing cashless movement. The report found nearly half of consumers currently use a person-to-person payments service, and the majority believe an entirely cashless society will happen within their lifetime.
Bank of America’s digital banking platform is an evolving source of increased client engagement and satisfaction serving more than 36 million digital clients, including 26 million active mobile users. Its award-winning mobile app was the first to receive J.D. Power’s certification for “An Outstanding Mobile Banking Customer Experience.” During the third quarter of 2018, mobile banking clients logged into their accounts 1.4 billion times, made 137 million bill payments and deposited 33 million checks via mobile.
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 67 million consumer and small business clients with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with more than 36 million active users, including nearly 26 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 more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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