Bank of America has announced record-breaking person-to-person payments uptake, with millennial users of the Zelle app leading the charge.
The bank says that in the first nine months, Zelle users sent and received a total of 163 million transactions, compared to 157 million transactions throughout 2018.
As people increasingly turn to cashless solutions to move and manage their money, Bank of America now has nearly 8.4 million clients actively using Zelle, including 68% of millennials and Gen Z, 20% of Gen X, and 12% of baby boomers and seniors.
“Our 37 million digital banking clients are driving the person-to-person growth trend,” says David Tyrie, head of advanced solutions and digital banking at Bank of America. “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.”
The app is most often used for paying rent, splitting utilities, family care and gifting, he says.
Business uptake is also surging, with 180,000 small business owners using their small business accounts to send money using Zelle since the service was first offered in June.