Investor Presentaiton
6 Slowing Spend: Bank of America Transaction Data
Bank of America's most recent transaction data, which covers ~$4 trillion
of annual spend, shows payment dollar-volume growth decelerating from
12% in 2022 year-to-date to 4% in 2023 year-to-date
Bank of America Consumer Payment Spend Data | October 17, 2023:1
Payment Spend¹ ($ Volume) and YoY % Growth
Payment Spend¹ ($ and Transaction Volume)
Quarterly YoY % Growth
$3.0T
$3.1T
50%
$2.7T
$2.2T
25%
21%
12%
0%
4%
0%
(25)%
2020 YTD
2021 YTD
2022 YTD
2023 YTD
$ Volume
Transaction #
4%
3%
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
19 20
21
22
23
Source: Bank of America Q3 2023 Earnings Presentation (October 17, 2023)
(1) Total payments represent payments made from Bank of America accounts using credit card, debit card, ACH, wires, billpay, person-to-person, cash, and checks
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