Zelle P2P payments increased 97 percent in the fourth quarter of 2018, Bank of America said Wednesday (Jan. 16), signaling the latest burst of growth for that payment method. During that quarter, consumers made 52 million payments worth $14 billion via Zelle.
For the third quarter of 2018, Zelle P2P payment transactions increased 138 percent year over year.
In its Q4 2018 financial release, Bank of America also gave updates on its mobile and digital efforts. The financial institution said that 27 percent of all consumer transactions came through digital channels during that period, and that 49 percent of all digital transactions came via mobile. Those figures represent growth from the third quarter. During that period, according to the bank, digital transactions accounted for 23 percent of all consumer banking sales in the third quarter.
In all, Bank of America now has 36.3 million active digital banking users, along with 26.4 million active mobile banking users, up 9 percent. The earnings report also said that 4.8 million consumers have completed 23 million “interactions” with Erica since the late 2016 launch of the financial institution’s virtual assistant.