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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.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.