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BofA Rolls Out First Integration Phase of Its PayPal Partnership

Tatjana KulkarnibyTatjana Kulkarni
March 20, 2018
in Uncategorized
Reading Time: 1 min read
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EXCLUSIVE- Bank of America will now let its mobile users add multiple credit and debit cards to their PayPal account directly from BofA’s mobile app.

With 24 million users, mobile banking is becoming increasingly important to BofA’s growth strategy. A few months earlier, the bank rolled out a number of mobile features such as Book My Appointment and Express Checking Account Application.  Just this month, the bank made Erica, its AI-focused assistant, live for customers in states such as Rhode Island.

The bank plans to roll out more features later this year, including a digital mortgage application/bot feature next month, Michelle Moore, head of digital banking, told Bank Innovation.

Today’s upgrade to its digital wallet represents the first stage of BofA’s partnership with payments company PayPal, which was announced in July 2017.

The next stage of this partnership will allow users to be able to add multiple cards within PayPal. No timeline for this phase has been announced, but it is scheduled for sometime this year.

Mark Monaco, head of Enterprise Payments at Bank of America, said in a statement today:

As the face of money continues to become more digital, Bank of America remains committed to giving our customers the ability to use any major wallet or payment method they choose, including PayPal.

BofA did not specify its percent of mobile wallet transactions, but said it has nearly doubled in 2017, according to data from over 50 million active Bank of America credit and debit cards, the bank stated.

Tags: Bank of AmericachatbotsEricaExclusivemobile bankingonline bankingPayPalPremium
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