Thursday, October 27, 2022
  • Contact
crushinc
  • Home
    • Home View Original
    • Home View Featured
    • Home View Content
  • News
  • Business
  • Login
No Result
View All Result
Crush Inc.
Home payment

Bank of America and Zelle Payment Integrations

Pranjal by Pranjal
July 9, 2022
in payment
0
Bank of America and Zelle Payment Integrations
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

The Bank of America and Zelle, a peer-to-peer (P2P) offering payment service, have teamed up together to provide their clients with better payment solutions. Zelle has also been integrated into Bank of America’s award-winning mobile application. This will allow the users of Bank of America to carry out transactions in real-time using the bank’s mobile application. There are no extra charges for carrying out these transactions, and the Bank of America claims it is a safe and secure way of transferring money. It makes the payment process faster for its users and gives access to more people. Additionally, most people in the US use the Zelle app, making it easier and more accessible to the user of Bank of America. 

A US mobile number or email address is required to carry out transactions in real-time by using Zelle. Moreover, this method ensures that the user’s bank account information remains confidential. However, per the Bank of America’s official website, payments made via Zelle (integrated into the Bank of America mobile application) should only be made to family, friends and people the user is familiar with. This is to ensure the security of the user and to prevent potential fraud. 

Related posts

Automated Clearing House (ACH) Payments Processing of Bank of America

Automated Clearing House (ACH) Payments Processing of Bank of America

July 9, 2022
Setting limits on Employee Debit Cards Bank of America

Setting limits on Employee Debit Cards Bank of America

July 9, 2022

To get started with using Zelle, users need to sign into their Bank of America mobile application and tap Zelle. Users can also add the Bank of America widget to their home screen and directly link their contacts. This will make the process of transactions faster, providing users with direct access to send and request money. In addition, users can quickly know who in their contact list is already a user of Zelle. Simply look for a purple “z” next to their contact, and it will indicate all the users of Zelle on the client’s contact list. 

The process of sending money has also become quick and easy, thanks to Zelle’s integration with the Bank of America mobile app. First, users need to tap the QR code icon next to the search bar to open their device’s camera. They can then scan the QR code to immediately obtain the receipt’s contact information. By doing this, the user can send money without manually entering the recipient’s information. The last step is to confirm and send the money. Users can also share their unique QR code with someone paying them back by using Zelle. 

The process of receiving funds is also as simple as sending them. Users need first to enrol their US mobile number or email address, and money will be directly sent to their Bank of America account. The first step for receiving money via Zelle is the same as transferring it. Users must click on “settings” or “manage settings” in the Bank of America mobile application and follow instructions. They then have to check their text messages or email for a one-time code. This is done to ensure the security of the user. However, the former code will be sent only when the user enrolls via Zelle for the first time. The subsequent money transactions will be directly credited/debited from the user’s bank account. 

The growing market for Mobile P2P payments

In recent years the market for P2P payment groups has grown exponentially. Bank of America and 18 other banks partnered with Zelle developer Early Warning to launch their P2P app. Business Insider reports that the relationship between Zelle and Bank of America saw approximately 68 million peer-to-peer transactions with the service in 2017. This represents 84 per cent of year-over-year (YoY) growth. This partnership has aimed to attract more users to their mobile banking apps. Launching these apps will allow banks to compete with popular payment apps like Venmo and Square Cash. 

P2P payments are growing fast and are being considered a valuable engagement tool. P2P volume in the US is projected to rise from $19 billion in 2015 to $336 billion in 2021, a 61 percent compound annual growth rate (CAGR). Banks may be vying for a piece of this enormous payment volume before Venmo, a PayPal-owned P2P app, locks them out. Venmo processed $17.6 billion in total in 2016, with Q4 2016 marking the product’s 14th straight quarter of over 100% growth. In addition, banks may be able to increase customer engagement by adding a P2P option. The average Venmo user logs in at least twice weekly, demonstrating the service’s popularity among users. Because banks may offer other services through their app, providing users more reasons to interact, which could prove even more effective for banks.

Tags: bank of americaZelle Payment
Previous Post

Setting limits on Employee Debit Cards Bank of America

Next Post

Setting up AT&T Cell Plans for Employee Accounts

Next Post
Setting up AT&T Cell Plans for Employee Accounts

Setting up AT&T Cell Plans for Employee Accounts

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Best place to order custom business card

Best place to order custom business card

8 months ago
Automated Clearing House (ACH) Payments Processing of Bank of America

Automated Clearing House (ACH) Payments Processing of Bank of America

4 months ago
7 Top PropTech Companies in 2022: Overview

7 Top PropTech Companies in 2022: Overview

3 months ago
Requesting Payment Back in Paypal Bank Transfer

Requesting Payment Back in Paypal Bank Transfer

7 months ago

FOLLOW US

BROWSE BY CATEGORIES

  • Accounting
  • blockchain
  • Business
  • Content Marketing
  • HR
  • Laws
  • News
  • payment
  • Reviews
  • social media
  • software
  • travel
  • Uncategorized
  • website

BROWSE BY TOPICS

2018 League accounting software accounts analytical capability Balinese Culture Bali United banking bank of america Best Small Business Payroll Software In 2022 best software business Business Bank Account business dashboard tools cashpay Champions League cryptocurrency difference between Ooma vs Vonage Doctor Terawan Employee Debit Cards Bank of America google pay marketing Market Stories Ooma vs Vonage Ooma vs Vonage business systems payment payments payment software payoneer podcast prepaid card seo shopify slack small business software software review technology tools transfer Visit Bali website what is the best payroll software wire transfer zelle zelle errors

Let's keep in touch

POPULAR NEWS

  • 15 Tiktok Tools To Increase Your Following

    15 Tiktok Tools To Increase Your Following

    0 shares
    Share 0 Tweet 0
  • How to connect Wise and Payoneer For transfers

    0 shares
    Share 0 Tweet 0
  • See Pending Deposits in Bank of America Account

    0 shares
    Share 0 Tweet 0
  • How to Add Payoneer Bank Account to PayPal

    0 shares
    Share 0 Tweet 0
  • 4 Alternatives to bank safe deposit boxes

    0 shares
    Share 0 Tweet 0

crushinc

We are a publication dedicated to content that suits business owners. We cover operations, technology, news, how-to's, and everything you could possibly need.

We are also proud to feature interviews with our favorite business leaders from every industry.

Follow us on social media:

Recent News

  • Dinosaur Game: The Game You Love To Hate To Love
  • 9 Alternatives to AssetPanda
  • How to Negotiate For Software Discounts for Your Business

Category

  • Accounting
  • blockchain
  • Business
  • Content Marketing
  • HR
  • Laws
  • News
  • payment
  • Reviews
  • social media
  • software
  • travel
  • Uncategorized
  • website

Recent News

Dinosaur Game: The Game You Love To Hate To Love

Dinosaur Game: The Game You Love To Hate To Love

October 27, 2022
9 Alternatives to AssetPanda

9 Alternatives to AssetPanda

September 1, 2022
  • Contact

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • News
  • Business

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In