Millennials propel Zelle at BofA
Bank of America’s P2P transaction volume via Zelle is surging, with millennials driving the bulk of its usage.
So far this year BofA customers have sent and received 163 million Zelle transactions, surpassing the 157 million transactions for all of 2018, the company said.
Sixty-eight percent of BofA's Zelle users are millennials and younger adults, 20% are Generation X and 12% are older adults, Bank of America said in a press release Wednesday. It predicts Zelle users will surpass 9 million by the end of this year.
The most common use cases for Zelle are paying rent, splitting utilities, family care and gifting, the bank said.
Earlier the bank said that during the second quarter, its customers made 69 million Zelle transactions, amounting to $18 billion, about double the transactions for the same period a year earlier.