Proof Point
Bank of America survey found one in three U.S. consumers has used person-to-person (P2P) payment at least once, with adoption significantly higher among Millennials
Person-to-Person (P2P) Payment Technologies Adoption by Generation
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
- Overall U.S. – 36% of U.S. respondents in Bank of America survey have used P2P payment technologies
- Greater Millennial Use – Majority (62%) of Millennials in U.S. have tried peer-to-peer transfers, highest among age groups
- Slower Senior Adoption – Only one in ten seniors aged 72 and above has adopted P2P payment technologies
- 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
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Market Disruption |
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Sector |
Financial Services
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Source |
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Date Last Updated |
April 3, 2018
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