Bank of America Customers Have Sent $8 Billion in P2P Payments

Bank of America’s mobile customers are fast embracing P2P.

“We remain a leader in digital banking and continue to see strong digital growth,” said Paul Donofrio, Bank of America’s chief financial officer, during the company’s earnings call this morning. “Given the rollout of Zelle this quarter, users can split, send, and receive money faster than ever. Users sent $8 billion in P2P payments through the first quarter.”

Bank of America reported 22 million mobile banking customers during its earnings, up 13% from this time last year, according to the bank, in line with the mobile growth levels reported from Wells Fargo and JP Morgan Chase for the quarter.

These mobile customers are clearly already enjoying the rollout of Zelle (or at least its features), as this $8 billion in payments accounts for a 25% increase in P2P payments from last quarter.

As Donofrio stated, Zelle’s P2P capacity was only rolled out for BofA mobile customers this quarter; the bank was one of the first of Zelle’s partners to launch the service for its consumers.

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    Vipera Plc

    More articles like this

    Vipera Plc

    Open Banking and the Evolution of Digital Payments

    Open Banking is shaking up the financial services sector and opening up new avenues and opportunities for both banks and payment service providers (PSPs). The open API ecosystems that are emerging are helping players in the

    Vipera Plc

    Why open banking is the only way for ANZ

    In May 2018, the Australian government instructed the country’s major banks to begin a phased implementation of open banking, beginning with making credit and debit card, deposit and transaction account data available from July 2019. The

    Vipera Plc

    Australia’s CommBank sees surge in mobile payments

    New data from Commonwealth Bank in Australia reveals customers are increasingly reaching for their smartphones instead of their wallets at the checkout, with user growth up 35 % in the past six months, according to a

    Vipera Plc

    Why PSD2 will elevate customer experience and payment security

    PSD2 will bring structure and planning to such investments by instilling a universally accepted standard minimum level of controls that all businesses in fintech must adhere to. The importance of global standards for fintech is founded in creating

    Vipera Plc

    How PSD2 and Open Banking will shape the future of payments

    Jeremy Thomson-Cook, Chief Economist & Head of Currency Strategy: I have spent a lot of time at FinTech conferences over the last few years contemplating the impact of PayTech, RegTech, LendTech – and everything in between –

    Vipera Plc

    Mobile payments driving retail e-commerce sales worldwide

    In 2017, retail e-commerce sales worldwide reached $2.304 trillion, a 24.8% increase over the previous year. Mobile payments were a key factor, as m-commerce sales totalled $1.357 trillion, making up 58.9% of digital sales, a large

    Vipera Plc

    Open banking to change financial services in Malaysia: IDC

    IDC hosted its annual Financial Innovation Summit at the Intercontinental Hotel Kuala Lumpur, exploring the strategies to drive sustainable transformation in banking and insurance. The event explored emergent practices in platform-building, value-creation and collaboration. IDC believes

    Vipera Plc

    Don’t worry about PSD2, your APIs are open anyway

    PSD2, the European regulations for Open Banking, is designed to allow a more open and competitive Financial Services sector across the EU. There are pages and pages of information on managing the market, allowing companies large

    Vipera Plc

    Don’t worry about PSD2, your APIs are open anyway

    PSD2, the European regulations for Open Banking, is designed to allow a open and competitive Financial Services sector across the EU. There are many pages of information on managing the market, allowing companies large and small

    Vipera Plc

    Mobile banking is changing how we pay

    More people than ever are using their mobile phones to shop, yet ING research shows that when it comes to paying, they aren’t quite ready to give up on their banks yet. Despite having more providers