Bank of America on Dec. 10 revealed that its CashPro App will surpass $1 trillion in payment approvals by yearend — up 25% from 2023.

December is likely to see the highest volume of payment approvals due to holiday shopping and travel, according to a release from the $2.5 trillion bank.

CashPro App launched in 2018 but began seeing widespread use in 2022, according to metrics shared with Bank Automation News. The app, which is compatible with the Apple watch, enables users to securely access account data and make payments on the go.

Streamlined, secure checkout

As the bank moves toward the $1 trillion payments milestone, all eligible bank credit and debit cards are now also enabled with fintech Paze’s online checkout solution, the bank announced Dec. 6.

Customers using Paze do not need to enter their credit card numbers, download an external app or remember their account password. Instead, they receive a security code sent to their phones, which enables them to view all Paze-eligible cards in a digital wallet. Paze’s card tokenization feature provides additional security during checkout, according to the bank’s release.

Bank of America began rolling out Paze over the summer, but it took approximately six months for the service to be accessible to all eligible credit and debit cards, Rich Clow, emerging payments strategy executive at Bank of America, told BAN.

The bank hopes consumers take advantage of Paze for its potential to improve the efficiency and security of online payments, he said.

Established by financial services company Early Warning Services in 2023, Paze in October announced it had signed up125 million credit and debit cardholders. In addition to Bank of America, Paze is also used by:

• $3.6 trillion Chase;
• $1.7 trillion Wells Fargo;
• $670 billion U.S. Bank;
• $559.7 billion PNC;
• $515.2 billion Truist; and
• $483.8 billion Capital One.

Bank of America is also “in talks with a number of retailers” to add Paze services, Clow said, but offered no details.

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