Bank of America reported its first quarter's results overnight, unveiling a net income of nearly US$4.9 billion, a 40 per cent increase on its 1Q16 results. Credit quality was one of many improved metrics, with BoA reporting that provision for credit losses decreased $162 million to $835 million, driven by improvements in its commercial portfolio, particularly energy. Credit improvement in its consumer lending business saw non-performing loans decline $1.6 billion to $7.3 billion. BoA's net interest income increased $729 million to $11.1 billion over the 4Q16 result, powered by higher interest rates, "seasonal leasing benefits" and loan growth. Consumers in the US will soon be able to use PayPal in Android Pay to make purchases at retailers in store, in-app and online, reports Finextra.  Over the coming months, shoppers will have the ability to use cards that have been stored with PayPal, following its recent tokenisation deals with Discover, Visa and Mastercard. Similar deals have been struck with card issuers like Citi and FIS and, according to Finextra, "a forthcoming relationship" with Wells Fargo will extend the payments system further. The China Banking Regulatory Commission has told local governments to compile a list of online lending platforms in their areas, and to identify and address risks associated with short-term loans of about 100 days made at high interest rates without collateral, according to a notice seen by Caixin reporters. The note highlighted high borrowing costs as a major risk to economic stability, and cited media reports that interest rates on cash loans averaged 158 per cent, with some as high as 598 per cent. With the courts unwilling to hear cases involving debt collectors if the interest rate exceeds 24 per cent, creditors often resort to physical violence and threats against borrowers.