Bank of America Sees “Overwhelming” Growth in Zelle Numbers


EXCLUSIVE — It’s another great quarter for Bank of America in terms of number of users of its P2P payment app Zelle.

The bank just released numbers for the Zelle app in Q4’17 that shows it processed more than 23 million transactions amounting to almost $7 billion. That’s a 91% increase from the prior year (Here’s what BofA’s Q3 Zelle numbers looked like).

In a statement released today, Mark Monaco, head of Enterprise Payments at Bank of America, said:

We’re excited to see the overwhelming growth, as customers increasingly turn to mobile payments that are fast, safe, and easy … Zelle is another example of how we’re making it easier for customers to better manage their financial lives.

For the entire year of 2017, the bank had 68 million transactions sent via Zelle.

Zelle was formed by Early Warning, a company owned by seven U.S. banks (including Bank of America) to counter (or benefit from) the growing popularity of payment app Venmo. It appeared on the mobile banking stage in last June.

Currently, BofA has about 3 million active Zelle users and over 24 million active mobile users, according to numbers released by the bank.

To learn more about Zelle, join Bank Innovation’s live Twitter chat on a “Deeper Dive into Zelle for 2018,” on Tuesday, Jan. 16.

To request an invitation to Bank Innovation 2018 on March 5-6, 2018, at Parc 55 in San Francisco, click here.

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