Cashing on people’s inclination towards cashless payments, Bank of America (BofA) has managed to reach a “record-breaking” mark in terms of usage of its person-to-person (P2P) payments app Zelle in 2019.

According to a statement released by the bank on Wednesday, the app users have already completed more transactions this year than in all of 2018. In less than nine months, BofA clients have made a total of 163 million transactions, compared to 157 million in 2018. In the second quarter itself, Bank of America clients made 69 million Zelle transactions worth $18 billion.

“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,” David Tyrie, head of advanced solutions and digital banking at Bank of America remarked.

In June 2019, BofA allowed Zelle access to small business clients and since then, 180,000 small business owners have transacted money via Zelle. With this new drift of going cashless and making digital payments, Zelle, as the bank stated has hit the number of nearly 8.4 million active users till date.

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by Sheeba Bhagat Dawar
Market Analyst at IBS Intelligence
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