National Pay Back a Friend Day 2023: Date, Background, Facts

Bank of America designated October 17 as National Pay Back a Friend Day after conducting an in-depth study on the effect of money on relationships. This study, titled “Friends Again Report,” found that 53 percent of its participants terminated a friendship after lending money to a friend who never repaid them. National Pay Back a Friend Day was established in response to this problem. On October 17, put aside your bitterness, launch your mobile payment apps, and begin repaying your (ex-) friends.

The Background of National Pay Back a Friend Day

In 2012, Braintree paid $26.2 million to acquire Venmo. Later, PayPal acquired Braintree for $800 million. In 2017, Zelle, a payment app owned by Bank of America, Wells Fargo, and Chase, among others, introduced a person-to-person payment system.

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Four reasons to keep money and friends separate

Nearly 80% of Americans believe that owing money to a companion is detrimental to their friendship.

Numerous individuals believe that millennials are the generation least likely to repay an acquaintance.

Nearly half of Americans are prepared to end a friendship for financial reasons.

The average quantity of money claimed to have been loaned to friends and never repaid is $2,092.

NATIONAL PAY BACK A FRIEND DAY DATES

Year	Date	Day
2023	October 17	Tuesday
2024	October 17	Thursday
2025	October 17	Friday
2026	October 17	Saturday
2027	October 17	Sunday