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BofA payments app for businesses handled record $500 billion by mid-year

Economic TimesEconomic Times · 3m
BofA payments app for businesses handled record $500 billion by mid-year

Bank of America reported that its corporate clients have approved a record $500 billion in payments through its CashPro app by mid-year, a 40% increase from the same period last year. The bank projects that payments on the app will surpass $1 trillion this year, up from $802 billion in 2022. This surge in usage reflects the growing trend of banks investing in apps that allow corporations to manage their finances on mobile devices. The global payments industry has seen a significant increase in revenues, reaching over $2.2 trillion in 2022, with commercial accounts contributing 53% of the total. Bank of America's broader payments business processes nearly $2 trillion in transactions daily.

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