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Bank of America Corp.’s customers made 35.1 million Zelle person-to-person payments in the second quarter, 142% higher than the 14.5 million Zelle payments they made a year earlier, the Charlotte, N.C.-based banking giant reported Monday.
The value of the P2P payments totaled $10 billion, double the $5 billion from 2017’s second quarter, the bank said. The user base also doubled to 4 million customers.
Zelle is a product of Early Warning Services LLC, a Scottsdale, Ariz.-based provider of security and other technology-based services for banks, which own the firm. Formerly known as clearXchange, Zelle went live last year when banks added its brand to their existing P2P services or began offering a P2P product for the first time through Zelle.
BofA was one of the first banks to add Zelle branding to its P2P app.
“We believe we account for about 25% of Zelle, and this activity will continue to grow as the industry continues to drive this as our standard for P2P payments,” BofA chairman and chief executive Brian Moynihan said on a conference call with analysts to review the second-quarter financial results, according to a SeekingAlpha.com transcript.
In related news, BofA said it has 25.3 million active mobile-banking users, up 10% from 22.9 million a year earlier. Mobile deposits in the second quarter exceeded branch transactions for the first time, the bank said.
A leading debit and credit card issuer, customers of BofA generated $80.7 billion in debit card purchase volume during the second quarter, a year-over-year increase of 7% from $75.3 billion. U.S. credit card purchases totaled $66.8 billion, up 8% from $61.7 billion a year earlier.
