Proof Point

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Majority of respondents in Bank of America survey want to receive or send funds within same day

Acceptable Times to Receive or Send Funds using Person-to-Person (P2P) Payment Technologies
2017 (percentage of respondents)

Note: Data based on Bank of America’s 2017 Trends in Consumer Mobility Report that surveyed 1,005 U.S. respondents with bank accounts and smartphones, aged 18 and above, with a 3.1 margin of error, as well as 407 panelists that use person-to-person payments services, with 4.9 margin of error
Proof Point Findings:
  • Person-to-Person (P2P) Payment Technologies – Online technology that lets individuals transfer funds from one bank account to another through Internet and smartphone
  • Near Real-Time – Majority of respondents (i.e. 53% for receiving and 69% for sending funds) prefer near instantaneous transfer of funds, with 15% expecting to receive funds and 18% sending within minutes
  • Within Week and More – Some respondents also indicated contentment with longer turnaround times, such as one week (i.e. 29% for receiving and 21% for sending), one month (i.e. 5% for receiving and 4% for sending), and anytime (i.e. 14% for receiving and 7% for sending)
  • Key Growth Drivers – Include continuous innovation in peer-to-peer payment technologies, rapid digitization of banking services, increasing preference for cashless transactions, and heightening reliance on smartphones and mobile applications to complete tasks
Source: 

Date Last Updated: April 6, 2018

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