The peer-to-peer payments market is booming, with consumers sending each other billions of dollars through digital apps.
One company that is capitalizing on the trend is Zelle, the digital payments company owned by Bank of America BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, Citibank, and Wells Fargo. Earlier this week, Bank of America said it has record-breaking P2P payments use with its active Zelle customers already completing more transactions this year than all of 2018. Bank of America said in under nine months, clients sent and received a total of 163 million transactions. That compares to 157 million transactions for all of last year.