Bank of America released some positive news regarding the growth of its P2P product, now operating on the Early Warning platform with Zelle. What is different about this product announcement from what is typical of financial institutions is that provides actual numbers providing readers a sense of adoption and use. As Payment Week reported:
Bank of America passed the word on to us about how Zelle delivered one major new year’s gift recently: record-setting numbers in P2P operations. Zelle transactions reached nearly 68 million for 2017, which was up 84 percent over the previous year. Bank of America alone processed better than 23 million transactions as part of Zelle, with a combined total of almost $7 billion.
At last count, Bank of America had almost three million active users for its Zelle system, and routinely adds several thousand such users a day.
There’s good reason for Bank of America to be open about the tremendous success of this non-revenue generating product. Bank of America is one of the bank owners of the underlying platform that supports P2P solution Zelle. As more consumers adopt Zelle through their Bank of America relationship, more non-owner financial institutions may feel compelled to join in and also offer Zelle. The more Zelle cards that are in market, the more viable it is for businesses to consider Zelle as a means to conduct business-to-consumer transactions, which in turn will help to improve the financial picture for the investments made in Zelle.
Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group
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