Zelle payments gaining traction in the US
Written by Chris Lemmon
Bank of America has revealed that customers made more than five million Zelle transactions totalling $1.5 billion in October, up 90 per cent from P2P transactions in October last year.
Zelle enables customers to send, receive and request money to existing contacts on their mobile devices. Funds are sent from one bank account to another typically within minutes, when both parties are enrolled, using only a recipient’s email address or mobile number.
The bank also reached more than 2.5 million active monthly Zelle P2P users, with thousands more joining each day.
Mark Monaco, head of enterprise payments at Bank of America, commented: “Our customers are increasingly choosing electronic payments over cash, and Zelle is becoming their first choice for convenient, secure payments. The introduction of Zelle has nearly doubled the adoption of our P2P technologies year over year.”