Zelle sees massive increase in usage
Bank of American announced that they have seen record breaking person-to-person payments usage, linked to the ever-increasing cashless solutions which customers are utilizing.
Bank of America has witnessed Zelle transactions for 2017 reach totaling nearly $68 million, which represents an 84 percent growth from 2016. Additionally, in the fourth quarter of 2017, Bank of America logged 23 million transactions equaling $7 billion, a 91 percent increase from 2016.
Bank of America now counts nearly 3 million active users of Zelle and thousands more are being added on a daily basis.
"We’re excited to see the overwhelming growth, as customers increasingly turn to mobile payments that are fast, safe and easy," said Mark Monaco, head of Enterprise Payments at Bank of America.
Bank of America is one of the seven owners of Early Warning Services LLC which is the company that launched Zelle and they were one of the first banks to start taking advantage of the benefits that Zelle has to offer.
Zelle's services are meant to streamline the fund transfer transactions, including sending money from bank to bank and requesting money and receiving money from individuals.